2 . 1 . R E G U L A T O R Y I N T E R E S T S O F U N I V E R S A L I TY

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I he traditional rationales of universality referring to the 'cigenthiimliche Natnr' or the

public law nature of insolvency law do not in themselves suffice under Community

law to justify the obstacles to trade resulting from the universal application of the lex fragmented.'" Moreover, it may evoke considerable reluctance to question Member

States' autonomy in respect of a legal institution which is 'protoundly embedded in

the social and economic fabric of society'."' Nevertheless, these considerations cannot

be considered to be beyond the scope of C om munity law. National private law is being

confronted and challenged by the requirements of market-integration, which brings

with it its own logic and (market) justice imposing limits on the private law autonomy

of the Member States.1 Arguably, this applies with even more force to the field of

insolvency law.'1 he Community remains committed to the creation and maintenance

of an internal market as one of its principal means for attaining its overall objectives.'

It is inevitable that a legal order, for which one of the main tasks is the creation ot a

common market, must include some notion of how to deal with situations ot insolvency

and market-exit.