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European Insolvency Proceedings: Commentary on Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on Insolvency Proceedings (Recast)

ISBN13: 9789403534107
To be Published: October 2021
Publisher: Kluwer Law International
Country of Publication: Netherlands
Format: Hardback
Price: £221.00

Also available as

European Insolvency Proceedings is a detailed and in-depth description of international jurisdiction, recognition and universal and territorial effects of insolvency proceedings with a clear focus on how to solve specific problems that arise in insolvency cases with a cross-border element, including aspects such as jurisdiction, applicable law, recognition and enforceability of judgments and coordination of a group of companies’ insolvencies. In the European Union, the effectiveness of judicial protection granted to a business or consumer in crisis depends on the extent and manner in which court rulings in bankruptcy and restructuring cases are recognised in all Member States. This article-by-article commentary on Regulation (EU) 2015/848 provides expert guidance through the entire course of insolvency proceedings, with a number of valuable comments and analyses concerning the manner and form of exercising one’s rights by foreign creditors.

What’s in this book:

For any party instituting an insolvency proceeding in an EU Member State, the commentary provides such detailed guidance as the following:

  • identifying the appropriate internationally competent court for filing
  • terms pursuant to which a judgment can be recognised
  • duties of an insolvency practitioner (IP)
  • IP’s authority in the territory of another state
  • IP’s obligations towards creditors in another state
  • rights of foreign creditors
  • admissibility of conducting secondary insolvency proceedings
  • conducting simultaneous insolvency proceedings against the same debtor
  • permissible forms of contact and cooperation between judges and parties to the proceedings, and conducting proceedings involving a group of companies.

How this will help you:

This practical book presenting the theoretical framework of all institutions operating within international insolvency proceedings will be welcomed by counsel to business persons conducting international activity, trustees in bankruptcy, tax advisers, court enforcement officers, academics dealing with insolvency law, banks dealing with collection of receivables, and debt collection companies. In addition, it will be of importance for research works in all Member States since it will present the theoretical framework of all institutions operating within international insolvency proceedings.

Insolvency Law, European Jurisdictions, EU Law
CHAPTER 1. General Provisions
Article 1. Scope
Article 2. Definitions
Article 3. International jurisdiction
Article 4. Examination as to jurisdiction
Article 5. Judicial review of the decision to open main insolvency proceedings
Article 6. Jurisdiction for actions deriving directly from insolvency proceedings and closely linked with them
Article 7. Applicable law
Article 8. Third parties’ rights in rem
Article 9. Set-off
Article 10. Reservation of title
Article 11. Contracts relating to immoveable property
Article 12. Payment systems and financial markets
Article 13. Contracts of employment
Article 14. Effects on rights subject to registration
Article 15. European patents with unitary effect and Community trade marks
Article 16. Detrimental acts
Article 17. Protection of third-party purchasers
Article 18. Effects of insolvency proceedings on pending lawsuits or arbitral proceedings
CHAPTER 2. Recognition of Insolvency Proceedings
Article 19. Principle
Article 20. Effects of recognition
Article 21. Powers of the insolvency practitioner
Article 22. Proof of the insolvency practitioner’s appointment
Article 23. Return and imputation
Article 24. Establishment of insolvency registers
Article 25. Interconnection of insolvency registers
Article 26. Costs of establishing and interconnecting insolvency registers
Article 27. Conditions of access to information via the system of interconnection
Article 28. Publication in another Member State
Article 29. Registration in public registers of another Member State
Article 30. Costs
Article 31. Honouring of an obligation to a debtor
Article 32. Recognition and enforceability of other judgments
Article 33. Public policy
CHAPTER 3. Secondary Insolvency Proceedings
Article 34. Opening of proceedings
Article 35. Applicable law
Article 36. Right to give an undertaking in order to avoid secondary insolvency proceedings
Article 37. Right to request the opening of secondary insolvency proceedings
Article 38. Decision to open secondary insolvency proceedings
Article 39. Judicial review of the decision to open secondary insolvency proceedings
Article 40. Advance payment of costs and expenses
Article 41. Cooperation and communication between insolvency practitioners
Article 42. Cooperation and communication between courts
Article 43. Cooperation and communication between insolvency practitioners and courts
Article 44. Costs of cooperation and communication
Article 45. Exercise of creditors’ rights
Article 46. Stay of the process of realisation of assets
Article 47. Power of the insolvency practitioner to propose restructuring plans
Article 48. Impact of closure of insolvency proceedings
Article 49. Assets remaining in the secondary insolvency proceedings
Article 50. Subsequent opening of the main insolvency proceedings
Article 51. Conversion of secondary insolvency proceedings
Article 52. Preservation measures
Article 53. Right to lodge claims
Article 54. Duty to inform creditors
Article 55. Procedure for lodging claims
CHAPTER 4. Provision of Information for Creditors and Lodgement of Their Claims
Article 56. Cooperation and communication between insolvency practitioners
Article 57. Cooperation and communication between courts
Article 58. Cooperation and communication between insolvency practitioners and courts
Article 59. Costs of cooperation and communication in proceedings concerning members of a group of companies
Article 60. Powers of the insolvency practitioner in proceedings concerning members of a group of companies
Article 61. Request to open group coordination proceedings
Article 62. Priority rule
Article 63. Notice by the court seised
Article 64. Objections by insolvency practitioners
Article 65. Consequences of objection to the inclusion in group coordination
Article 66. Choice of court for group coordination proceedings
Article 67. Consequences of objections to the proposed coordinator
Article 68. Decision to open group coordination proceedings
Article 69. Subsequent opt-in by insolvency practitioners
Article 70. Recommendations and group coordination plan
Article 71. The coordinator
Article 72. Tasks and rights of the coordinator
Article 73. Languages
Article 74. Cooperation between insolvency practitioners and the coordinator
Article 75. Revocation of the appointment of the coordinator
Article 76. Debtor in possession
Article 77. Costs and distribution
CHAPTER 5. Insolvency Proceedings of Members of a Group of Companies
Article 78. Data Protection
Article 79. Responsibilities of Member States regarding the processing of personal data in national insolvency registers
Article 80. Responsibilities of the Commission in connection with the processing of personal data
Article 81. Information obligations
Article 82. Storage of personal data
Article 83. Access to personal data via the European e-Justice Portal
CHAPTER 6. Data Protection
Article 84. Applicability in time
Article 85. Relationship to Conventions
Article 86. Information on national and European Union insolvency law
Article 87. Establishment of the interconnection of registers
Article 88. Establishment and subsequent amendment of standard forms
Article 89. Committee procedure
Article 90. Review clause
Article 91. Repeal
Article 92. Entry into force
CHAPTER 7. Transitional and Final Provisions

Series: European Company Law Series

Abuse of Companies ISBN 9789403508924
Published October 2019
Kluwer Law International
Third-Party Certifiers ISBN 9789403510910
Published July 2019
Kluwer Law International
Boards of Directors in European Companies ISBN 9789041141415
Published December 2013
Kluwer Law International
Corporate Governance as a Limited Legal Concept ISBN 9789041128737
Published May 2009
Kluwer Law International
Towards a Sustainable European Company Law ISBN 9789041127686
Published April 2009
Kluwer Law International
Piercing the Corporate Veil: A Transnational Approach ISBN 9789041125910
Published July 2007
Kluwer Law International
European Company Law in Accelerated Progress ISBN 9789041125293
Published July 2006
Kluwer Law International