The reform of the European insolvency regulation (EIR) comes into force in mid-2017. Inter alia, it will alter the rules on which jurisdiction is competent to open insolvency procedures.
Legal Background
If a debtor needs to file for insolvency, there are two main ways of manipulating the existing legal competence rules:
As 26 June 2017 approaches – the date of entry into effect of the Recast EU Insolvency Regulation (2015/8484/EU) – we look in detail at the new provisions for co-ordinating the insolvency proceedings of members of a pan-European group of companies and consider whether the new proposals for co-operation will be compulsory, the practicalities of who will pay the co-ordinator’s fees and whether the creditors can have a say in the process.
BACKGROUND
On 29 March 2017, Advocate General Mengozzi rendered his opinion to the EU Court of Justice in the landmark case regarding the Estro pre-packed bankruptcy.
The qualification of a right as a 'right in rem' (zakelijk recht), within the meaning of Article 5 of Regulation No 1346/2000 of 29 May 2000 on insolvency proceedings (the "Regulation") must be determined according to the law of the place where the asset concerned is situated and the right in rem must satisfy certain criteria set out in Article 5(2) of the Regulation.
Il 5 aprile scorso l’Avvocato Generale Campos Sànchez-Bordona (AG) ha rassegnato le proprie conclusioni nell’ambito della causa C-245/16 pendente innanzi alla Corte di Giustizia (CdG) e instaurata su un rinvio pregiudiziale da parte del TAR Marche.
Introductie
In geval van een faillissement dat gericht is op liquidatie van een onderneming geldt de richtlijn inzake overgang van onderneming niet. Als de onderneming die failliet is gegaan een doorstart maakt, gaan de werknemers dus niet van rechtswege mee over. De rechtbank Midden-Nederland heeft aan het Hof van Justitie gevraagd of de pre-pack kwalificeert als een faillissementsprocedure in de zin van de richtlijn overgang van ondernemingen. De advocaat-generaal beantwoordt die vraag ontkennend in zijn conclusie.
Casus
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For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments.
Recent Developments
The past 12-18 months have seen some of the biggest changes to established insolvency law and practice in England and Wales since the Insolvency Act 1986 and Insolvency Rules 1986 (the old Rules) came into force. These have culminated with the new Insolvency Rules 2016 (the new Rules), which become effective on 6 April 2017 and are intended to consolidate the old Rules (including all 28 subsequent sets of amendments to them).