vagueness in international insolvency; in search of proper theory

theoretically there are two views concerning how to deal with international insolvency. the first and the international view asserts the court of each country is merely responsible for the property of the debtor which is within its domain. in contrast, the idealistic world-wide contends that the only solution to the plight of international financial is to have a court deal with the issue with the rule of one law. these two views have merged and culminated in “cooperative territoriality” that seems to meet our needs. finally we can say all attempts in this direction have been initiated by scholars in developed countries and theoretical arguments and practical measures can serve their interest to a greater extent.