Regulatory Competition in European Company Law and Creditor Protection

The European framework for creditor protection has undergone a remarkable transformation in recent years. While the ECJ's Centros case and its progeny have introduced free choice with respect to the State of incorporation, and hence the substantive company law regime, the European Insolvency Regulation has implemented uniform conflict of laws rules for insolvencies. However, this regime has opened up some forum shopping opportunities. This article analyzes possible consequences of regulatory competition and forum shopping for creditors and argues that the "insolvencification" of corporate law creditor protection mechanisms will not enable national policymakers to impose their respective ideas about creditor protection on firms in a fully-fledged manner.