Modified Universalism to Date

This chapter depicts the current position of what is called ‘modified universalism’. It also synthesizes the different aspects of modified universalism into the set of emerging norms concerning jurisdiction, choice of law, recognition, assistance, and cooperation, accompanied by global duties and safeguards. Modified universalism has translated the theoretical model of universalism, where one law governs and one forum presides in cross-border insolvency cases, to concrete and more nuanced emerging norms that are fit for the real world and real business structures. It is, however, still held back where it is regarded as a trend and an interim solution in the context of an aspiration for pure universalism. Consequently, one of the challenges laid before the universalist approach, in its various forms, is that even though it is generally beneficial, it is not universally adopted.