The 1995 European Community Convention on Insolvency Proceedings:An Insider's View

After three decades of successive rounds of negotiations, the EC Convention on Insolvency Proceedings was finally signed on November 23, 1995. Several drafts were discussed and abandoned in the process. This book offers an introductory insight to the 1995 EC Insolvency Convention, beginning with the basic structure of the Insolvency Convention.

<p class=copymedium>The 1995 Insolvency Convention equalizes the rights of creditors throughout the EU by means of a mandatory dividend-received deduction for creditors and a surplus-transfer in favor of the main proceedings. It ensures the equality and uniformity of rights and obligations arising out of the Convention, both for the Contracting States and the parties concerned. For this purpose, it confers on the Court of Justice of the European Communities (ECJ) jurisdiction to rule on the interpretation of its provisions.

<p class=copymedium>The Convention represents a major step forward in the international regulation of cross-border insolvencies. It provides a framework of well-defined, enforceable rights which will enable a high degree of intra community cooperation. While not a cure-all, for the first time in many years a European Community (EC) mechanism for a better and more efficient international cooperation is really at hand.

<p class=copymedium>The author provides a unique point of view: he was co-author of the explanatory report to the Convention and this distinctive `insider's view' manifests his personal involvement. This unmatched perspective, the comprehensiveness of the work's treatment, and the topicality of the Convention itself make this an important resource for both academics and practitioners.