2 . 3 . U N I V E R S A L I TY

At first sight, the principle of universality appears to be the most suitable approach

to resolve the transnational collective action dilemma in the case of cross-border

insolvency." ' It sanctions the collective nature of insolvency proceedings and would,

in contrast to territoriality, appear to allow for effective deployment and equitable

distribution. Not surprisingly, therefore, the arguments advanced in support of the

principle of universality rely in one way or another on these elements, though the

emphasis has often been on the latter." 1 As a principle, however, universality implies

that this collectivity is to be achieved through concentration of the proceedings in a

single forum and through the application of a single law: the lex fori concursui. These

elements o f H / i i f ; ' o f forum and law render the principle o f universality as objectionable

- at least in the eyes of states - as the principle of territoriality.