The absence of unify legal regulation of transnational insolvency is an obstacle for international business activity, leads to the freezing of debtor' assets, and as a result the participators of international commerce have the feeling of uncertainty. Obviously it is necessary the legal rapprochement of national legislations and sometimes the unification of state legislation with the purpose of effective transnational insolvency regulation. Efficient mechanism for dealing with transnational insolvency that would promote the progress of credit relations, would stimulate the fulfillment of contracts and would ensure the predictable distribution of risks in a case of financial troubles can not be created only by means of national laws. The maximum harmonization and unification of national legislation in transnational insolvency issues can be reached only by international legal regulation.