2. THE DUTY OF CO-OPERATION IN CROSSBORDER INSOLVENCY
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From the demise of the principle of territoriality it does not follow that territoriality's
conceptual counterpart - the principle of universality - therefore forms part of the
Community legal order. Community law generates neither unity of forum nor of law.
Though Member States may accord universal effect of insolvency proceedings com -
menced in a sister Member State in order to fulfil their duties under Article 10 FX'.,
they are not duty bound to do so. Cross-border insolvencies typically involve instances
of concurrent regulatory jurisdiction and thus shared regulatory responsibility. Accordingly,
though Member States remain entitled to take and enforce their own insolvency
measures within their respective spheres of influence and responsibility, they are
nevertheless under a duty to enter into sincere co-operation with a view to mitigate
burdens to interstate trade as well as with the aim of co-ordinating and/or reconciling
their conflicting regulatory choices.