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In economic and legal practice situations often occur when infringement of rights or neglect of duty can{\crq}t be sanctioned by common means of procedural law. The most typical example of this is when the debtor has liabilities towards a number of creditors and it isn{\crq}t within his power to fulfill them all. Such a situation is usually described as bankruptcy and it is solved in accordance with the Bankruptcy Act. Bankruptcy is considered to be the last resort of settlement of unfavourable financial and economic relations between the creditor and the debtor and it leads to the settlement of their property relations. The purpose and the aim of this procedure is to settle the liabilities towards the aggrieved parties, so that all creditors of one debtor which is in bankruptcy get as equal and just satisfaction as possible. Liquidation or reorganization of multinational companies which are in bankruptcy causes a whole range of legal complications. The expansion of multinational companies and also the considerable number of great bankruptcies with international effects has triggered a debate about the need of creating a system which would involve solving such situations in transnational context.