1. What is the risk if a counter-party is located in an exiting member state?
In the Q1 2014 edition of Global Insight, we discussed the progress already made in respect of the Proposed Amendments to the EC Insolvency Regulation as of April 2014. The European Parliament and the Council of the European Union have now considered the Commission’s proposed amendments.
In this article we will continue to focus on the progress made regarding:
On 27 July 2014, the Regulation (UE) n.º 655/2014, of the European Parliament and of the Council (the “Regulation”), establishing a European Account Preservation Order procedure to facilitate cross-border debt recovery in civil and commercial matters was published.
Key points
- Where main proceedings have been opened in one member state, secondary proceedings may be opened in another member state where the debtor has an establishment. The effects of the secondary proceedings shall be restricted to the assets in that territory.
- Local law and court discretion may apply to the opening of secondary proceedings and may be exercised, but these should not be discriminatory.
The Facts
I. Medio ambiente En materia medioambiental destacamos la aprobación de las siguientes normas en estos últimos meses: 1. La Ley 11/2014, de 3 de julio, por la que se modifica la Ley 26/2007, de 23 de octubre, de Responsabilidad Medioambiental. Tiene por objeto adaptar la actual normativa en materia de responsabilidad ambiental para adecuarla a lo regulado por la Directiva 2013/30/UE, del Parlamento Europeo y del Consejo, de 12 de junio del 2013.
In the Schmid case the European Court of Justice ruled on the issue of jurisdiction of the Courts of a Member State ofthe EU where an insolvency procedure was commenced, whose receiver started a claw-back action against a defendantdomiciled in a non-Member State
The Case
The Official Journal of the European Union of July 31, 2014, published the European Commission Guidelines establishing the conditions under which state aid for rescuing and restructuring non-financial undertakings in difficulty can be considered compatible with the domestic market. The Commission has been applying these Guidelines since August
Introduction
De Europese Commissie heeft op 15 mei 2014 de definitieve versie van de Europese verordening betreffende het beslag op bankrekeningen goedgekeurd. Deze verordening is het resultaat van jarenlange besprekingen en kadert in het plan tot versoepeling van de invorderingsprocedures tussen Europese lidstaten.
On Monday 17 November 2014, Weil held its inaugural European Distressed Investor Conference at The Dorchester in London. A summary of the key discussion points follows.
Panel A: