(R)EVOLUTION OF INSOLVENCY LAW UNDER THE IMPACT OF ARTIFICIAL INTELLIGENCE (AI). TRANSFORMATIVE TECHNOLOGIES - CHALLENGES AND PERSPECTIVES
(R)EVOLUTION OF INSOLVENCY LAW UNDER THE IMPACT OF ARTIFICIAL INTELLIGENCE (AI). TRANSFORMATIVE TECHNOLOGIES - CHALLENGES AND PERSPECTIVES

Summary/Abstract: It is said that all is interconnected in the Universe, and Artificial Intelligence (AI) shows us every day this need for interference and integration into a system of “all disciplines, eras and minds”. Inevitably, we go beyond the narrow framework of monodisciplinarity in favour of innovation and creation “reborn” from transdisciplinary approaches, this being the new reality in which legislation is taking shape and reforming. The acceptance and deepening of these interrelationships and mutual influences between human rights, digitalisation, technological transformation, economy, artificial intelligence and data security will generate a significant impact on the evolution of mankind, by reestablishing the constitutional models of states and adapting to the new socio-economic landscape. Moreover, in a context in which the rapid progress of AI has captivated the world, it was urgently necessary to regulate a transparent, safe and human-centered trajectory, which is why the EU Parliament voted in plenary, on 13 March 2024, the EU act on artificial intelligence, hailed as the first “hard law” legislation on AI at global level.It is also said that innovation arises from the mixture of already existing ideas, which is why, through this research, we aim to explore the role of artificial intelligence (AI) and its potential in transforming and reshaping the global economy, to reflect on the potential of Artificial Intelligence in business sustainability, in global insolvency practices, as well as on the digital future of restructuring debtors in difficulty, by reference to research and practices debated and nuanced in the international landscape and not promoted and addressed at the level of the national doctrine and vision of insolvency practitioners. The digital age of insolvency certainly requires a holistic approach, and the “embrace” of innovation outlines a successful “journey” in the procedure of restructuring, reorganization or bankruptcy of professional debtors, our research pursuing an interjurisdictional vision. In essence, the central objective of our research is to analyse and evaluate the digital transformation in the insolvency area based on current progress, but also the potential for further transformation, by identifying the latest generation “algorithms” in the fight against financial difficulties. In this regard, we will “put under the magnifying glass” digital tools with a predictive role in the intelligent management of restructuring and insolvency procedures, but also transformative methods and technologies to simplify the activity of insolvency practitioners, such as the use of systems based on artificial neural networks, robotic automation of processes and acceleration of repetitive tasks, the creation of platforms that allow virtual tours of the assets of the insolvent debtor by creditors and not only, all this creating opportunities to reform legislation and ensuring the success of global and local insolvency practices, which will help shape and strengthen a “rescue culture”, in line with ethical guidelines in business. This is how, behind the eternal conventional walls of the complicated and “thorny” realm of difficulties in business and insolvency, we discover limitless and profound transformations that shed light on the balance between human expertise and the digital age. In the context in which AI has become the matrix force for the economy and society, let us therefore open the doors to experiencing its benefits and pitfalls.

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