We’ve blogged about international translation of multilingual legal and financial documents for foreign representatives and foreign receivers in foreign insolvency proceedings provided by online professional translation services. Although filing for insolvency is no easy task, in light of the current economic situation the number of international insolvencies has increased to such a level that demands are now being made for the establishment of an international insolvency system. Such a system would be pragmatic, efficient, predictable and in-line with national bankruptcy policies.
But until such a system is established, attorneys are left with wading through the traditional method of using transnational legal dialog among executives, courts and legislatures.
Needless to say, any international insolvency action will involve numerous parties spread across potentially numerous borders. Counsel for one business will have to carry a dialog across these borders and include clients, related businesses, attorneys, executives and various courts. Whenever an action involves parties operating in different countries, the issue of international law comes up. Although maneuvering through these levels is both a science and an art itself, this process will be better performed with the assistance of foreign language translators. And not only is a foreign language translation of what is being said on the record important, but also a foreign language translation of the various applicable laws.
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