Private International Law

Introduction

In conditions of current globalization the issue of recognition and enforcement of judicial decisions in civil and commercial matters becomes especially topical . Nowadays , one may observe networking tendencies in economy . It means , for example , that certain businesses operate all over the world . At the same time , every country has its own legislation to which such businesses are subjected . Such situation creates certain challenges for network businesses as the legislation can affect their efficiency in a negative way . Business owners are interested in a protection of their companies and enterprises . That

is why recognition and enforcement of judgments made by foreign courts can be a powerful instrument for business protection . Indeed , for foreign investor , recognition and enforcement of foreign court decision may constitute a guarantee of that his capital is in a safe environment . The international community drew attention to this issue almost half a century ago , when Brussels Convention on jurisdiction and the enforcement of judgments in civil and commercial matters of 1968 was adopted . In particular , this Convention foresees that a judgment made in one of the participating states should be recognized in other participating state without any specific procedure . In addition the Convention provides that such judgment should be enforceable in other participating state , when , on the application of any interested party it has been declared enforceable there ' Certainly up to this date the Convention experienced some adjustments . In 2000 European Community adopted EU Regulation No . 44 /2001 on the jurisdiction and the recognition of judgments in...