The European Commission has published forms to be used under the Recast European Insolvency Regulation (Recast EIR).
Insolvency Practitioners will need to be familiar with the forms and the circumstances in which they should be used.
What are the new forms?
In summary, the new forms are:
1. A standard notice form to be used by courts or Insolvency Practitioners to inform known foreign creditors of the opening of insolvency proceedings;
2. A standard claim form to be used by foreign creditors to lodge claims;
Minister of Justice Koen Geens has abandoned the introduction of the 'silent bankruptcy' following a judgment of 22 June 2017 of the European Court of Justice.
Regulation (EU) 2015/848 (the "Recast Insolvency Regulation") has come into force for any insolvency proceedings commenced on or after 27 June 2017. In line with EU Insolvency Regulation 1346/2000 (the "Original Insolvency Regulation"), the Recast Insolvency Regulation focusses on cross border recognition of Insolvency proceedings and, as a Regulation, it applies without the need for specific implementing legislation in each state.
Background
Under German law, when a company becomes insolvent or over-indebted, its directors are obliged to file for insolvency. If they fail to fulfil this duty, according to s 64 German limited liability company Act (GmbHG) from this point in time onwards, they have to compensate the company for those payments which (objectively) would not have been made by a prudent businessman. Such imprudence is presumed.
In practice, s 64 is one of the most powerful tools available to insolvency administrators claiming against directors.
On June 26, 2017, the recast EU regulation on insolvency proceedings1 (the Recast Insolvency Regulation) came into force.
Existing Legislation
Op 22 juni 2017 heeft het Hof van Justitie van de Europese Unie antwoord gegeven op een vraag die de gemoederen lang bezig heeft gehouden, namelijk: gelden de regels van overgang van onderneming ook in geval van een doorstart na een pre-pack faillissement?
The EU Regulation on Insolvency Law 1346/2000 (EIR) was considered a milestone in the cross-border coordination of national insolvency proceedings. The recast of the EU Regulation on Insolvency Law 2015/848, applicable to insolvency proceedings opened after 26 June 2017, considers substantial developments in national insolvency laws.
Background
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La operación sobre los activos de una empresa que se prepara con anterioridad a la declaración de quiebra para ser ejecutada inmediatamente después de que se declare la quiebra (pre-pack) puede plantear problemas laborales.
De Hoge Raad heeft geoordeeld dat het adviesrecht van de ondernemingsraad in beginsel wel van toepassing is in geval van faillissement. Hierbij formuleert de Hoge Raad drie richtlijnen: