The Undertaking: Mystery or reality? Andrea Csőke, Nicoleta Mirela Nastasie and Róbert Muzsalyi

The differences between Member States in relation to substantive and procedural rules are commonly a source of difficulties in cross-border proceedings.

Among others the Regulation 2015/848 of the European Parliament and the Council on insolvency proceedings (hereinafter: EIR-R) provides some new legal instruments to limit the possibility of secondary insolvency proceedings. The undertaking (Art. 36) is one of the new features which has not been known before in Continental legal systems.

We consider that the application of the undertaking in different insolvency regimes involves some difficulties. To demonstrate this assumption, we will compare the Romanian and the Hungarian legislation in this field and show the differences and the similarities.