2 . 1 . R E G U L A T O R Y I N T E R E S T S O F U N I V E R S A L I TY
17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33
34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50
51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67
68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84
85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101
102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118
119 120 121 122 123 124 125 126 127
I he traditional rationales of universality referring to the 'cigenthiimliche Natnr' or the
public law nature of insolvency law do not in themselves suffice under Community
law to justify the obstacles to trade resulting from the universal application of the lex fragmented.'" Moreover, it may evoke considerable reluctance to question Member
States' autonomy in respect of a legal institution which is 'protoundly embedded in
the social and economic fabric of society'."' Nevertheless, these considerations cannot
be considered to be beyond the scope of C om munity law. National private law is being
confronted and challenged by the requirements of market-integration, which brings
with it its own logic and (market) justice imposing limits on the private law autonomy
of the Member States.1 Arguably, this applies with even more force to the field of
insolvency law.'1 he Community remains committed to the creation and maintenance
of an internal market as one of its principal means for attaining its overall objectives.'
It is inevitable that a legal order, for which one of the main tasks is the creation ot a
common market, must include some notion of how to deal with situations ot insolvency
and market-exit.