The European Insolvency Regulation and Implementing Legislations
A Commentary
Published on 24. May 2024
Book
Hardback
768 pages
978-1-80220-520-6 (ISBN)
Description
This authoritative Commentary provides an in-depth evaluation of the legislation regulating cross-border insolvency within the European Union. Bringing together a diverse team of legal scholars and practitioners from across the EU Member States, it delivers incisive dissections of the European Insolvency Regulation (EIR) provisions, which define the jurisdiction of the courts of EU Member States in insolvency proceedings as well as the national law that should be applied, and provide for the automatic recognition of judgments along with a regime of coordination between proceedings opened in different Member States.
Key Features:
Expansive reference to case-law and legal writings
Specific attention to private international law issues
Comprehensive article-by-article analysis of the EIR
Meticulous explanation by leading scholars in the field to aid understanding of each provision
Up-to-date breakdown of the main national implementation legislations of the regulation
Exploration of the interplay between the EIR and the Brussels Ibis Regulation, as well as the relationships with third countries
This Commentary will be a crucial reference tool for practitioners active in cross-border insolvency and restructuring in Europe. It will also prove a key resource for students and scholars of commercial law, company and insolvency law, and European private international law.
Key Features:
Expansive reference to case-law and legal writings
Specific attention to private international law issues
Comprehensive article-by-article analysis of the EIR
Meticulous explanation by leading scholars in the field to aid understanding of each provision
Up-to-date breakdown of the main national implementation legislations of the regulation
Exploration of the interplay between the EIR and the Brussels Ibis Regulation, as well as the relationships with third countries
This Commentary will be a crucial reference tool for practitioners active in cross-border insolvency and restructuring in Europe. It will also prove a key resource for students and scholars of commercial law, company and insolvency law, and European private international law.
Reviews / Votes
'This book is certainly valuable for practitioners specialising in (international) insolvency and restructuring. In the first and second decade of this century, this area of law grew in significance in the legal service market. Also, for scholars working in this field of law it presents a sound and solid treatment of several of the most central topics. This book contributes considerably to scholarship and enriches the debates on how (cross-border) debt restructuring is conducted in leading jurisdictions.' -- Bob Wessels, Leiden University, the Netherlands 'The European Insolvency Regulation and Implementing Legislations: A Commentary, edited by Gilles Cuniberti and Antonio Leandro, is an authoritative and comprehensive analysis of the European Insolvency Regulation (EIR) Recast 2015/848. Published by Edward Elgar Publishing in 2024, this book is part of the Elgar Commentaries in Private International Law series. It is written by a diverse group of established academics predominantly from Italian universities, along with contributions from professionals and one judge. This mix of contributors ensures a rich and multifaceted exploration of the EIR and its practical implications.' -- Eugenio Vaccari, International Insolvency Review 'The editors Cuniberti and Leandro have brought together a team of 13 other authors who share the work of commenting with them. When writing a work for the European market, it makes sense to set up a European team so that the law being commented on is not viewed through a single national lens. This is not the case with all English-language commentaries on the EIR, but it has been done admirably here. The editors come from eight jurisdictions (Belgium, Finland, France, Italy, Luxembourg, the Netherlands, Austria and Poland). They are overwhelmingly professors, supplemented by a judge and a lawyer, and all have reputations in insolvency law beyond the borders of their own country. (...) Overall, the European market can be pleased about this enrichment in the range of English-language EuInsReg commentaries, for which the editors and team of authors can only be congratulated!" -- Reinhard Bork, Zeitschrift fuer Restrukturierung und Insolvenz 'This new Commentary on the European Insolvency Regulation (EIR) provides a helpful introduction, a deep analysis of its provisions in the light of EU and national case law, together with an annex gathering the implementing legislations of many EU countries. Its contributors, mainly scholars of different jurisdictions, approach the provisions of the EIR with a marked and remarkable private international law perspective on the issues of jurisdiction, applicable law, recognition, and cooperation that arise from EU cross-border insolvency proceedings. This Commentary is a much-welcomed resource for practitioners, court judges and scholars dealing with EU cross-border insolvency and restructuring issues.' -- Giorgio Corno, Studio Corno Avvocati, Italy and President, INSOL EuropeMore details
Series
Language
English
Place of publication
Cheltenham
United Kingdom
Target group
College/higher education
Professional and scholarly
Dimensions
Height: 244 mm
Width: 169 mm
ISBN-13
978-1-80220-520-6 (9781802205206)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Persons
Edited by Gilles Cuniberti, Professor of Comparative and Private International Law, University of Luxembourg and Antonio Leandro, Professor of Public and Private International Law, University of Bari Aldo Moro, Italy and member of the European Commission Group of Experts on Restructuring and Insolvency Law
Content
Contents:
Introduction to the European Insolvency Regulation 1
Antonio Leandro
CHAPTER I GENERAL PROVISIONS
Chapter I General Provisions 22
Antonio Leandro
1 Scope 25
Fabienne Jault-Seseke
2 Definitions 33
Fabienne Jault-Seseke, Gilles Cuniberti, Teun H.D. Struycken, Antonio Leandro, Ilaria Queirolo, Stefano Dominelli,
Robert van Galen
3 International jurisdiction 72
Antonio Leandro
4 Examination as to jurisdiction 104
Antonio Leandro
5 Judicial review of the decision to open main insolvency proceedings 109
Antonio Leandro
6 Jurisdiction for actions deriving directly from insolvency proceedings and closely linked with them 116
Antonio Leandro
7 Applicable law 137
Patrick Wautelet
8 Third parties' rights in rem 175
Teun H.D. Struycken
9 Set-off 211
Matthias Lehmann
10 Reservation of title 226
Teun H.D. Struycken
11 Contracts relating to immoveable property 233
Zeno Crespi Reghizzi
12 Payment systems and financial markets 242
Matthias Lehmann
13 Contracts of employment 252
Zeno Crespi Reghizzi
14 Effects on rights subject to registration 261
Chiara Enrica Tuo
15 European patents with unitary effect and Community trade marks 269
Zeno Crespi Reghizzi
16 Detrimental acts 273
Patrick Wautelet
17 Protection of third-party purchasers 288
Chiara Enrica Tuo
18 Effects of insolvency proceedings on pending lawsuits or arbitral proceedings 296
Patrick Wautelet
CHAPTER II RECOGNITION OF INSOLVENCY PROCEEDINGS
Chapter II Recognition of insolvency proceedings 310
Gilles Cuniberti
19 Principle 313
Gilles Cuniberti
20 Effects of recognition 320
Gilles Cuniberti
21 Powers of the insolvency practitioner 327
Gilles Cuniberti
22 Proof of the insolvency practitioner's appointment 333
Gilles Cuniberti
23 Return and imputation 336
Ilaria Queirolo and Stefano Dominelli
24 Establishment of insolvency registers 350
Anna Hrycaj
25 Interconnection of insolvency registers 359
Anna Hrycaj
26 Costs of establishing and interconnecting insolvency registers 363
Anna Hrycaj
27 Conditions of access to information via the system of interconnection 365
Anna Hrycaj
28 Publication in another Member State 368
Anna Hrycaj
29 Registration in public registers of another Member State 373
Anna Hrycaj
30 Costs 377
Anna Hrycaj
31 Honouring of an obligation to a debtor 379
Anna Hrycaj
32 Recognition and enforceability of other judgments 386
Gilles Cuniberti
33 Public policy 395
Gilles Cuniberti
CHAPTER III SECONDARY INSOLVENCY PROCEEDINGS
34 Opening of proceedings 407
Thomas Mastrullo
35 Applicable law 419
Marta Requejo Isidro
36 Right to give an undertaking in order to avoid secondary insolvency proceedings 422
Marta Requejo Isidro
37 Right to request the opening of secondary insolvency proceedings 442
Thomas Mastrullo
38 Decision to open secondary insolvency proceedings 447
Gilles Cuniberti
39 Judicial review of the decision to open secondary insolvency proceedings 456
Gilles Cuniberti
40 Advance payment of costs and expenses 458
Gilles Cuniberti
41 Cooperation and communication between insolvency practitioners 461
Antonio Leandro
42 Cooperation and communication between courts 472
Antonio Leandro
43 Cooperation and communication between insolvency practitioners and courts 476
Antonio Leandro
44 Costs of cooperation and communication 479
Antonio Leandro
45 Exercise of creditors' rights 480
Ilaria Queirolo and Stefano Dominelli
46 Stay of the process of realisation of assets 494
Tuomas Hupli
47 Power of the insolvency practitioner to propose restructuring plans 499
Tuomas Hupli
48 Impact of closure of insolvency proceedings 503
Tuomas Hupli
49 Assets remaining in the secondary insolvency proceedings 505
Tuomas Hupli
50 Subsequent opening of the main insolvency proceedings 507
Tuomas Hupli
51 Conversion of secondary insolvency proceedings 509
Tuomas Hupli
52 Preservation measures 512
Tuomas Hupli
CHAPTER IV PROVISION OF INFORMATION FOR CREDITORS AND
LODGEMENT OF THEIR CLAIMS
53 Right to lodge claims 516
Ilaria Queirolo and Stefano Dominelli
54 Duty to inform creditors 525
Ilaria Queirolo and Stefano Dominelli
55 Procedure for lodging claims 540
Ilaria Queirolo and Stefano Dominelli
CHAPTER V INSOLVENCY PROCEEDINGS OF MEMBERS OF A GROUP
OF COMPANIES
Chapter V Insolvency proceedings of members of a group of companies 553
Robert van Galen
Section 1 Cooperation and communication
Section 1 Cooperation and communication 556
Robert van Galen
56 Cooperation and communication between insolvency practitioners 557
Robert van Galen
57 Cooperation and communication between courts 560
Robert van Galen
58 Cooperation and communication between insolvency practitioners and courts 561
Robert van Galen
59 Costs of cooperation and communication in proceedings concerning members of a group of
companies 563
Robert van Galen
60 Powers of the insolvency practitioner in proceedings concerning members of a group of companies 564
Robert van Galen
Section 2 Coordination
Section 2 Coordination 568
Robert van Galen
Subsection 1 Procedure
Subsection 1 Procedure 570
Robert van Galen
61 Request to open group coordination proceedings 571
Robert van Galen
62 Priority rule 574
Robert van Galen
63 Notice by the court seised 575
Robert van Galen
64 Objections by insolvency practitioners 577
Robert van Galen
65 Consequences of objection to the inclusion in group coordination 579
Robert van Galen
66 Choice of court for group coordination proceedings 580
Robert van Galen
67 Consequences of objections to the proposed coordinator 582
Robert van Galen
68 Decision to open group coordination proceedings 583
Robert van Galen
69 Subsequent opt-in by insolvency practitioners 585
Robert van Galen
70 Recommendations and group coordination plan 587
Robert van Galen
Subsection 2 General provisions
71 The coordinator 590
Robert van Galen
72 Tasks and rights of the coordinator 591
Robert van Galen
73 Languages 596
Robert van Galen
74 Cooperation between insolvency practitioners and the coordinator 597
Robert van Galen
75 Revocation of the appointment of the coordinator 598
Robert van Galen
76 Debtor in possession 600
Robert van Galen
77 Costs and distribution 601
Robert van Galen
CHAPTER VI DATA PROTECTION
78-83 Data protection 603
Fabienne Jault-Seseke
CHAPTER VII TRANSITIONAL AND FINAL PROVISIONS
84 Applicability in time 612
Antonio Leandro
85 Relationship to Conventions 615
Fabienne Jault-Seseke
86 Information on national and Union insolvency law 619
Antonio Leandro
87 Establishment of the interconnection of registers 620
Anna Hrycaj
88 Establishment and subsequent amendment of standard forms 622
Antonio Leandro
89 Committee procedure 623
Antonio Leandro
90 Review clause 624
Antonio Leandro
91 Repeal 625
Antonio Leandro
92 Entry into force 626
Antonio Leandro
Annex: National implementing legislations of the Insolvency Regulation 627
Bibliography 677
Introduction to the European Insolvency Regulation 1
Antonio Leandro
CHAPTER I GENERAL PROVISIONS
Chapter I General Provisions 22
Antonio Leandro
1 Scope 25
Fabienne Jault-Seseke
2 Definitions 33
Fabienne Jault-Seseke, Gilles Cuniberti, Teun H.D. Struycken, Antonio Leandro, Ilaria Queirolo, Stefano Dominelli,
Robert van Galen
3 International jurisdiction 72
Antonio Leandro
4 Examination as to jurisdiction 104
Antonio Leandro
5 Judicial review of the decision to open main insolvency proceedings 109
Antonio Leandro
6 Jurisdiction for actions deriving directly from insolvency proceedings and closely linked with them 116
Antonio Leandro
7 Applicable law 137
Patrick Wautelet
8 Third parties' rights in rem 175
Teun H.D. Struycken
9 Set-off 211
Matthias Lehmann
10 Reservation of title 226
Teun H.D. Struycken
11 Contracts relating to immoveable property 233
Zeno Crespi Reghizzi
12 Payment systems and financial markets 242
Matthias Lehmann
13 Contracts of employment 252
Zeno Crespi Reghizzi
14 Effects on rights subject to registration 261
Chiara Enrica Tuo
15 European patents with unitary effect and Community trade marks 269
Zeno Crespi Reghizzi
16 Detrimental acts 273
Patrick Wautelet
17 Protection of third-party purchasers 288
Chiara Enrica Tuo
18 Effects of insolvency proceedings on pending lawsuits or arbitral proceedings 296
Patrick Wautelet
CHAPTER II RECOGNITION OF INSOLVENCY PROCEEDINGS
Chapter II Recognition of insolvency proceedings 310
Gilles Cuniberti
19 Principle 313
Gilles Cuniberti
20 Effects of recognition 320
Gilles Cuniberti
21 Powers of the insolvency practitioner 327
Gilles Cuniberti
22 Proof of the insolvency practitioner's appointment 333
Gilles Cuniberti
23 Return and imputation 336
Ilaria Queirolo and Stefano Dominelli
24 Establishment of insolvency registers 350
Anna Hrycaj
25 Interconnection of insolvency registers 359
Anna Hrycaj
26 Costs of establishing and interconnecting insolvency registers 363
Anna Hrycaj
27 Conditions of access to information via the system of interconnection 365
Anna Hrycaj
28 Publication in another Member State 368
Anna Hrycaj
29 Registration in public registers of another Member State 373
Anna Hrycaj
30 Costs 377
Anna Hrycaj
31 Honouring of an obligation to a debtor 379
Anna Hrycaj
32 Recognition and enforceability of other judgments 386
Gilles Cuniberti
33 Public policy 395
Gilles Cuniberti
CHAPTER III SECONDARY INSOLVENCY PROCEEDINGS
34 Opening of proceedings 407
Thomas Mastrullo
35 Applicable law 419
Marta Requejo Isidro
36 Right to give an undertaking in order to avoid secondary insolvency proceedings 422
Marta Requejo Isidro
37 Right to request the opening of secondary insolvency proceedings 442
Thomas Mastrullo
38 Decision to open secondary insolvency proceedings 447
Gilles Cuniberti
39 Judicial review of the decision to open secondary insolvency proceedings 456
Gilles Cuniberti
40 Advance payment of costs and expenses 458
Gilles Cuniberti
41 Cooperation and communication between insolvency practitioners 461
Antonio Leandro
42 Cooperation and communication between courts 472
Antonio Leandro
43 Cooperation and communication between insolvency practitioners and courts 476
Antonio Leandro
44 Costs of cooperation and communication 479
Antonio Leandro
45 Exercise of creditors' rights 480
Ilaria Queirolo and Stefano Dominelli
46 Stay of the process of realisation of assets 494
Tuomas Hupli
47 Power of the insolvency practitioner to propose restructuring plans 499
Tuomas Hupli
48 Impact of closure of insolvency proceedings 503
Tuomas Hupli
49 Assets remaining in the secondary insolvency proceedings 505
Tuomas Hupli
50 Subsequent opening of the main insolvency proceedings 507
Tuomas Hupli
51 Conversion of secondary insolvency proceedings 509
Tuomas Hupli
52 Preservation measures 512
Tuomas Hupli
CHAPTER IV PROVISION OF INFORMATION FOR CREDITORS AND
LODGEMENT OF THEIR CLAIMS
53 Right to lodge claims 516
Ilaria Queirolo and Stefano Dominelli
54 Duty to inform creditors 525
Ilaria Queirolo and Stefano Dominelli
55 Procedure for lodging claims 540
Ilaria Queirolo and Stefano Dominelli
CHAPTER V INSOLVENCY PROCEEDINGS OF MEMBERS OF A GROUP
OF COMPANIES
Chapter V Insolvency proceedings of members of a group of companies 553
Robert van Galen
Section 1 Cooperation and communication
Section 1 Cooperation and communication 556
Robert van Galen
56 Cooperation and communication between insolvency practitioners 557
Robert van Galen
57 Cooperation and communication between courts 560
Robert van Galen
58 Cooperation and communication between insolvency practitioners and courts 561
Robert van Galen
59 Costs of cooperation and communication in proceedings concerning members of a group of
companies 563
Robert van Galen
60 Powers of the insolvency practitioner in proceedings concerning members of a group of companies 564
Robert van Galen
Section 2 Coordination
Section 2 Coordination 568
Robert van Galen
Subsection 1 Procedure
Subsection 1 Procedure 570
Robert van Galen
61 Request to open group coordination proceedings 571
Robert van Galen
62 Priority rule 574
Robert van Galen
63 Notice by the court seised 575
Robert van Galen
64 Objections by insolvency practitioners 577
Robert van Galen
65 Consequences of objection to the inclusion in group coordination 579
Robert van Galen
66 Choice of court for group coordination proceedings 580
Robert van Galen
67 Consequences of objections to the proposed coordinator 582
Robert van Galen
68 Decision to open group coordination proceedings 583
Robert van Galen
69 Subsequent opt-in by insolvency practitioners 585
Robert van Galen
70 Recommendations and group coordination plan 587
Robert van Galen
Subsection 2 General provisions
71 The coordinator 590
Robert van Galen
72 Tasks and rights of the coordinator 591
Robert van Galen
73 Languages 596
Robert van Galen
74 Cooperation between insolvency practitioners and the coordinator 597
Robert van Galen
75 Revocation of the appointment of the coordinator 598
Robert van Galen
76 Debtor in possession 600
Robert van Galen
77 Costs and distribution 601
Robert van Galen
CHAPTER VI DATA PROTECTION
78-83 Data protection 603
Fabienne Jault-Seseke
CHAPTER VII TRANSITIONAL AND FINAL PROVISIONS
84 Applicability in time 612
Antonio Leandro
85 Relationship to Conventions 615
Fabienne Jault-Seseke
86 Information on national and Union insolvency law 619
Antonio Leandro
87 Establishment of the interconnection of registers 620
Anna Hrycaj
88 Establishment and subsequent amendment of standard forms 622
Antonio Leandro
89 Committee procedure 623
Antonio Leandro
90 Review clause 624
Antonio Leandro
91 Repeal 625
Antonio Leandro
92 Entry into force 626
Antonio Leandro
Annex: National implementing legislations of the Insolvency Regulation 627
Bibliography 677