Under Article 16 and 17 of the Council Regulation (EC) No 1346/2000, on Insolvency Proceedings, insolvency proceedings opened in territory of one Member State of the EU have universal effects within all other Member States. Pursuant to Article 4 of the Insolvency Regulation, law governing the proceedings shall be the law of the state in which the proceedings are opened. However, the Insolvency Regulation states few exemptions from this general rule. In compliance with Article 15 of the Insolvency Regulation, effects of the insolvency proceedings on a lawsuit pending in other member state are governed by the law of the state in which the lawsuit is pending. This conflict-of-law rule covers also pending arbitration. The equality of unsecured creditors of the debtor shall prevail over a reliance on any arbitration clause. The article deals with another side of the matter- application of the Insolvency Regulation before arbitral tribunals, especially with regard to recognition of the foreign insolvency proceedings before arbitral tribunals and consequences of its prospective non-recognition on the arbitral award.