Abstract: The main international legal instruments in insolvency (European Regulation, the UNCITRAL Model Law and the European Convention on Certain International Aspects of Bankruptcy) have established several territorial procedures with local effects of substance regarding the debtor, the distribution of proceeds and ranking of claims. These procedures are characterized by a high degree of unpredictability and creditors prove inadequate. Drawbacks mentioned could be eliminated by revising the rules of insolvency proceedings in relation to market requirements. But this solution is only valid on short term, since the fundamental problem is that, although the local procedure is based on international assistance, is likely to alter the substantive rules of insolvency. Therefore, future solution lies in territorial proceedings ancillary to replace the current model of full territorial procedures. Such a procedure would provide procedural assistance to foreign courts and protection of local creditors, without interfering with the substantive issues of insolvency.

Keywords : territorial procedures, ancillary proceedings, procedural assistance