European Insolvency Regulation: Article-by-Article Commentary

Bankruptcy / Insolvency

European Insolvency Regulation: Article-by-Article Commentary

By Moritz Brinkmann
Hart Publishing October 2019

Specifications

ISBN-13
9781509924110
Publisher
Hart Publishing
Publication
October 2019
Format
Hardback
Jurisdiction
U.K. ? Countri(es) for reference only

Details

The new European Insolvency Regulation (Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings) has come into effect on 26 June 2017 for insolvency proceedings that are opened on or after that date. The Recast Regulation reforms the EC Regulation (1346/2000) on insolvency proceedings.

The main changes of the Regulation are:

  • The extension of its application to preventive insolvency proceedings;
  • The creation of publicly accessible online insolvency registers;
  • The possibility of avoiding the opening of multiple proceedings and preventing 'forum shopping';
The introduction of new procedures with the aim of facilitating cross-border coordination and cooperation between multiple insolvency proceedings in different Member States relating to members of the same group of companies.

In this book a team of experienced insolvency law experts, among them judges, insolvency practitioners and academics, analyse the European Insolvency Regulation article by article. The authors focus on the new provisions and mechanisms as well as on the existing, and to a great extent still relevant, case law by the European Court of Justice and courts of the Member States.

Table of Contents

Introduction. Regulation (EU) 2015/848 of the European Parliament and of the Council - Recitals
Chapter I. 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 rem5
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 II. 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 III. 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 proceeding
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
Chapter IV. Provision of Information for Creditors and Lodgement of their Claims Article 53. Right to lodge claims
Article 54. Duty to inform creditors
Article 55. Procedure for lodging claims
Chapter V. Insolvency Proceedings of Members of a Group of Companies
Section 1. Cooperation and communication
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
Section 2. Coordination
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 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 VI. Data Protection
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 VII. Transitional and Final Provisions
Article 84. Applicability in time
Article 85. Relationship to Conventions
Article 86. Information on national and 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
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