2. THE REGULATORY I N T E R E S T S : LOGIC AND LIMITS OF EUROPEAN INSOLVENCY LAW

To the extent that the universality of insolvency law constitutes an obstacle to intra

community trade, it is not incompatible with Community law perse. That will be the

case only if universal application fails to satisfy the condition that it is necessary for

the protection of mandatory requirements of the public interest. Whether the universal

application of the insolvency law of the forum can be so justified depends first of all

on whether the interests it purports to protect are recognised under Community law

as interests taking precedence over the freedoms.