This practice note discusses the challenges that are unique to European oil and gas concerns and the shift in duties for members of a company’s board of directors (directors) and legal practitioners that are required when a multinational entity approaches insolvency. Best practices for multinational oil and gas companies that are entering insolvency proceedings in Europe, the United States, or both are also offered. With oil prices at multi-year lows, the upstream oil and gas industry is reeling. Many exploration and production concerns, as well as oilfield and offshore service providers, have filed for bankruptcy. Many more are likely to do so in the next 12 to 18 months, while others will likely be quickly and quietly liquidated due to lack of commercial prospects. Because of the global nature of the oil and gas industry today, these bankruptcies and liquidations present challenges that would not have arisen even 20 years ago.