College aantekeningen
Lecture 3 International Corporate Insolvency Law (ICIL)
- Instelling
- Universiteit Leiden (UL)
Thorough summary of the lecture of week 3.
[Meer zien]Voorbeeld 2 van de 15 pagina's
Voorbeeld 2 van de 15 pagina's
In winkelwagengesponsord bericht van onze partner
Voorbeeld van de inhoud
LECTURE3.1 – EUROPEAN INSOLVENCY REGULATION (EIR) BACKGROUND
→ EEC
→ Working Group for insolvency law.
→two track system:
1.General about jurisdiction and the enforcement
of judgments in civil and commercial matters.
2. The idea to have an insolvency law convention
→ Istanbul Convention – European Convention on Certain
International Aspects of Bankruptcy.
→ Convention on insolvency proceedings.
→ EIR 2000 (regulation, as convention could not be ratified,
because of political situation).
→ EIR 2015 (recast of 2000 version)
EU private international law framework
International Jurisdiction and Enforcement of Judgments in Civil and Commercial Matters
- 1968 Brussels Convention
- 2002 Brussels Regulation (44/2001)
- 2012 Brussels Regulation Recast (1215/2012)
Article1(2) Brussels Regulation Recast (1215/2012)
“This regulation shall not apply to:(…)
b) Bankruptcy: proceedings relating to the winding-up of insolvent companies or other legal persons,
judicial arrangements, compositions and analogous proceedings”
1
, Parallel provision including specifically these proceedings is stated in Recital 7 EIR 2015.
The Brussels recast is a sort of delineation of the EIR; the scope excludes art. 1(2)(b). A similar provision
can be found in one of the recitals of the EIR 2015.
EU Insolvency law framework
Within the EU framework, we can distinguish between three areas:
1. Ad hoc (examples)
- Transfer of Undertakings Directive: CouncilDirective2001/23/EC on the approximation of the laws of
the Member States relating to the safeguarding of employees' rights in the event of transfers of
undertakings, businesses or parts of undertakings or businesses.
o Replacing Council Directive 77/187/EEC of 1977.
- Package Travel Directive
o Directive (EU) 2015/2302 on package travel and linked travel arrangements, Replacing
Council Directive 90/314/EEC of 1990.
2. Procedural
- European Insolvency Regulation (EIR) 1346/2000 – entry into force 31 May 2002.
- European Insolvency Regulation Recast (EIR Recast) 2015/848 – entry into force 26 June 2017
3. Substantive – coordination and harmonization of insolvency law
- Commission Recommendation of 12 March 2014 on a new approach to business failure and insolvency
- EU Directive on restructuring and insolvency (2019)
3.2 – EIR 2015: KEY FEATURES AND INTERPRETATION
Key features
In contrast with the UNCITRAL, which focuses on recognition, the EIR focuses on:
1. Jurisdiction – what court is authorized and competent to judge on the matters presented to it.
2. Applicable law – which country/jurisdiction should be applied with questions related to the insolvency.
3. Recognition and enforcement of foreign judgments
4. Communication and cooperation
5. Insolvency proceedings of members of a group of companies – this is a new item in comparison to the
UNCITRAL Model Law and is important for the cross-border insolvency law.
With respect to feature 5 (group of companies) it is important that you see a difference in structure in the
insolvency regulations. Although the regulation mentions the feature of ‘group of companies’, the base
principle is one debtor:
Main Insolvency proceedings (Optional) Secondary Insolvency Proceedings
Debtor’s COMI (in an EU Member State) – apart Debtor’s ‘establishment’ within the territory of
from Denmark. another Member State.
Against the same debtor as the main proceeding –
territorial (secondary) proceedings.
Could be a rescue or liquidation proceeding May be reorganization or liquidation (EIR 2000:
only liquidation).
The same court appoints an ‘insolvency Effects restricted to local assets
practitioner (EIR 2000: liquidator)
2
Voordelen van het kopen van samenvattingen bij Stuvia op een rij:
Verzekerd van kwaliteit door reviews
Stuvia-klanten hebben meer dan 700.000 samenvattingen beoordeeld. Zo weet je zeker dat je de beste documenten koopt!
Snel en makkelijk kopen
Je betaalt supersnel en eenmalig met iDeal, creditcard of Stuvia-tegoed voor de samenvatting. Zonder lidmaatschap.
Focus op de essentie
Samenvattingen worden geschreven voor en door anderen. Daarom zijn de samenvattingen altijd betrouwbaar en actueel. Zo kom je snel tot de kern!
Veelgestelde vragen
Wat krijg ik als ik dit document koop?
Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.
Tevredenheidsgarantie: hoe werkt dat?
Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.
Van wie koop ik deze samenvatting?
Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper steefl. Stuvia faciliteert de betaling aan de verkoper.
Zit ik meteen vast aan een abonnement?
Nee, je koopt alleen deze samenvatting voor €2,99. Je zit daarna nergens aan vast.
Is Stuvia te vertrouwen?
4,6 sterren op Google & Trustpilot (+1000 reviews)
Afgelopen 30 dagen zijn er 56326 samenvattingen verkocht
Opgericht in 2010, al 14 jaar dé plek om samenvattingen te kopen