European Insolvency Regulation and Implementing Legislations

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

‘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.’

• Contents:Introduction to the European Insolvency Regulation 1Antonio LeandroCHAPTER I GENERAL PROVISIONSChapter I General Provisions 22Antonio Leandro1 Scope 25Fabienne Jault-Seseke2 Definitions 33Fabienne Jault-Seseke, Gilles Cuniberti, Teun H.D. Struycken, Antonio Leandro, Ilaria Queirolo, Stefano Dominelli,Robert van Galen3 International jurisdiction 72Antonio Leandro4 Examination as to jurisdiction 104Antonio Leandro5 Judicial review of the decision to open main insolvency proceedings 109Antonio Leandro6 Jurisdiction for actions deriving directly from insolvency proceedings and closely linked with them 116Antonio Leandro7 Applicable law 137Patrick Wautelet8 Third parties’ rights in rem 175Teun H.D. Struycken9 Set-off 211Matthias Lehmann10 Reservation of title 226Teun H.D. Struycken11 Contracts relating to immoveable property 233Zeno Crespi Reghizzi12 Payment systems and financial markets 242Matthias Lehmann13 Contracts of employment 252Zeno Crespi Reghizzi14 Effects on rights subject to registration 261Chiara Enrica Tuo15 European patents with unitary effect and Community trade marks 269Zeno Crespi Reghizzi16 Detrimental acts 273Patrick Wautelet17 Protection of third-party purchasers 288Chiara Enrica Tuo18 Effects of insolvency proceedings on pending lawsuits or arbitral proceedings 296Patrick WauteletCHAPTER II RECOGNITION OF INSOLVENCY PROCEEDINGSChapter II Recognition of insolvency proceedings 310Gilles Cuniberti19 Principle 313Gilles Cuniberti20 Effects of recognition 320Gilles Cuniberti21 Powers of the insolvency practitioner 327Gilles Cuniberti22 Proof of the insolvency practitioner’s appointment 333Gilles Cuniberti23 Return and imputation 336Ilaria Queirolo and Stefano Dominelli24 Establishment of insolvency registers 350Anna Hrycaj25 Interconnection of insolvency registers 359Anna Hrycaj26 Costs of establishing and interconnecting insolvency registers 363Anna Hrycaj27 Conditions of access to information via the system of interconnection 365Anna Hrycaj28 Publication in another Member State 368Anna Hrycaj29 Registration in public registers of another Member State 373Anna Hrycaj30 Costs 377Anna Hrycaj31 Honouring of an obligation to a debtor 379Anna Hrycaj32 Recognition and enforceability of other judgments 386Gilles Cuniberti33 Public policy 395Gilles CunibertiCHAPTER III SECONDARY INSOLVENCY PROCEEDINGS34 Opening of proceedings 407Thomas Mastrullo35 Applicable law 419Marta Requejo Isidro36 Right to give an undertaking in order to avoid secondary insolvency proceedings 422Marta Requejo Isidro37 Right to request the opening of secondary insolvency proceedings 442Thomas Mastrullo38 Decision to open secondary insolvency proceedings 447Gilles Cuniberti39 Judicial review of the decision to open secondary insolvency proceedings 456Gilles Cuniberti40 Advance payment of costs and expenses 458Gilles Cuniberti41 Cooperation and communication between insolvency practitioners 461Antonio Leandro42 Cooperation and communication between courts 472Antonio Leandro43 Cooperation and communication between insolvency practitioners and courts 476Antonio Leandro44 Costs of cooperation and communication 479Antonio Leandro45 Exercise of creditors’ rights 480Ilaria Queirolo and Stefano Dominelli46 Stay of the process of realisation of assets 494Tuomas Hupli47 Power of the insolvency practitioner to propose restructuring plans 499Tuomas Hupli48 Impact of closure of insolvency proceedings 503Tuomas Hupli49 Assets remaining in the secondary insolvency proceedings 505Tuomas Hupli50 Subsequent opening of the main insolvency proceedings 507Tuomas Hupli51 Conversion of secondary insolvency proceedings 509Tuomas Hupli52 Preservation measures 512Tuomas HupliCHAPTER IV PROVISION OF INFORMATION FOR CREDITORS ANDLODGEMENT OF THEIR CLAIMS53 Right to lodge claims 516Ilaria Queirolo and Stefano Dominelli54 Duty to inform creditors 525Ilaria Queirolo and Stefano Dominelli55 Procedure for lodging claims 540Ilaria Queirolo and Stefano DominelliCHAPTER V INSOLVENCY PROCEEDINGS OF MEMBERS OF A GROUPOF COMPANIESChapter V Insolvency proceedings of members of a group of companies 553Robert van GalenSection 1 Cooperation and communicationSection 1 Cooperation and communication 556Robert van Galen56 Cooperation and communication between insolvency practitioners 557Robert van Galen57 Cooperation and communication between courts 560Robert van Galen58 Cooperation and communication between insolvency practitioners and courts 561Robert van Galen59 Costs of cooperation and communication in proceedings concerning members of a group ofcompanies 563Robert van Galen60 Powers of the insolvency practitioner in proceedings concerning members of a group of companies 564Robert van GalenSection 2 CoordinationSection 2 Coordination 568Robert van GalenSubsection 1 ProcedureSubsection 1 Procedure 570Robert van Galen61 Request to open group coordination proceedings 571Robert van Galen62 Priority rule 574Robert van Galen63 Notice by the court seised 575Robert van Galen64 Objections by insolvency practitioners 577Robert van Galen65 Consequences of objection to the inclusion in group coordination 579Robert van Galen66 Choice of court for group coordination proceedings 580Robert van Galen67 Consequences of objections to the proposed coordinator 582Robert van Galen68 Decision to open group coordination proceedings 583Robert van Galen69 Subsequent opt-in by insolvency practitioners 585Robert van Galen70 Recommendations and group coordination plan 587Robert van GalenSubsection 2 General provisions71 The coordinator 590Robert van Galen72 Tasks and rights of the coordinator 591Robert van Galen73 Languages 596Robert van Galen74 Cooperation between insolvency practitioners and the coordinator 597Robert van Galen75 Revocation of the appointment of the coordinator 598Robert van Galen76 Debtor in possession 600Robert van Galen77 Costs and distribution 601Robert van GalenCHAPTER VI DATA PROTECTION78–83 Data protection 603Fabienne Jault-SesekeCHAPTER VII TRANSITIONAL AND FINAL PROVISIONS84 Applicability in time 612Antonio Leandro85 Relationship to Conventions 615Fabienne Jault-Seseke86 Information on national and Union insolvency law 619Antonio Leandro87 Establishment of the interconnection of registers 620Anna Hrycaj88 Establishment and subsequent amendment of standard forms 622Antonio Leandro89 Committee procedure 623Antonio Leandro90 Review clause 624Antonio Leandro91 Repeal 625Antonio Leandro92 Entry into force 626Antonio LeandroAnnex: National implementing legislations of the Insolvency Regulation 627Bibliography 677