In the past decades, many Member States of the European Union have introduced important new legislation in the field of insolvency law. "Principles of European Insolvency Law" tries to capture the common elements that national insolvency laws share, and that make up the essence of insolvency proceedings in Europe. It makes a first, and, so far, unique attempt, to tackle an area of law which is of great commercial importance, but in which, some might have thought it was too difficult to detect a European approach. "Principles of European Insolvency Law" looks to a future of more European integration in areas of Commercial Law and practice. They may serve as working material for further study, which could result in proposals for legislation on a supranational level. In the shorter term, the Principles will be of use in efforts to modernise national insolvency laws by serving as a "European framework". Taking account of the Principles in drafting reform proposals can lead to a greater conformity of new national legislation with the essence of European insolvency law.

This paper, first presented on 21 October 1995 at a joint seminar of the Scottish Law Commission and the Faculty of Law, University of Edinburgh on the subject of breach of contract, is a critical summary of the remedies available in Scots law for breach of contract. It considers interest, specific implement, interdict, breach of contract, the mutuality principle, damages and penalty clauses.