https://at-ceu.studyguide.timeedit.net/modules/LEGS5031?type=COREBankruptcy law is often unduly neglected irrespective of its crucial role in times of economic growth as well as crisis. Its importance was, for example, noted by UNCITRAL solely in the second half of the 1990s (1997 Model Law on Cross-Border Insolvency), though ever since heightened attention has been given to it (2004 - Legislative Guide on Insolvency Law and 2009 Practice Guide on Cross-Border Insolvency Cooperation) by virtually all leading legal systems. Likewise, it was not without a reason that France and Germany resorted to Chapter 11 on 'reorganizations' of the US Bankruptcy Code as a source of inspiration in their quest for sharpening the competitive edge of their economies at the beginning of the 21st century. The same argumentation applies to the 2019 Preventive Restructuring Directive of the European Union. Put simply, there is no continent where the prestige and importance of insolvency law would not have increased by now; including even China and numerous African countries. Unfortunately, it is also a fact that the insolvency systems of many countries, including for example the Central and Eastern European countries of Europe, do not function properly as of yet, which raises numerous issues as well, including reforms-related tasks for governments. In addressing the above considerations, the course will first take a look at such general yet fundamental questions as the different bankruptcy-philosophies, the functions of bankruptcy law, bankruptcy crimes or its alternatives. Thereafter the central building blocks of US bankruptcy law - which serves increasingly as a model for other legal systems (in particular its chapters on 'reorganization' and 'cross-border bankruptcies') will be covered. Liquidation (Chapter 7), reorganization proceedings (Chapter 11) and insolvency of individuals will be dealt with through such key concepts as insolvency, workouts, bankruptcy trustee's powers, cramdown, creditors' rights or the fresh start philosophy. The course will end with a discussion on the recent transborder-bankruptcy developments in the European Union and the United States. Students who want to take the comparative secured transactions course (or are interested in corporate law) are strongly encouraged to take this course as the quality of a secured transactions system is primarily tested in the context of bankruptcy proceedings and the bulk of secured transactions law-related court cases occur exactly in the context of bankruptcy.