Advertisement

European Union

  • Elina Moustaira
Chapter

Abstract

European Union Member States’ legal orders differ between them in many insolvency law issues; among them, the moment and the prerequisites that must be met for a debtor to be declared in state of economic crisis, in state of insolvency. Liquidation and rescue proceedings are coexisting in most of them, also with many differences between them. The latter were “substantially modernized” in EU Member States—Germany, Belgium, Spain, France, Denmark, Portugal, Italy, Greece, Poland—following the 2008 worldwide crisis. There had already been reforms in other EU Member States—UK, Ireland, Finland, France, the Netherlands, Slovakia, Spain—in the early 2000s. The US law influence in that sector too, was undoubted.

References

  1. Ali FA, Røsæg E (2015–2016) New rules on cross-border insolvencies in Norway. Yearb Priv Int Law 17:385–394Google Scholar
  2. Bailey E (2015) The insolvency of groups of companies in English law. Int Insolv Law Rev:344–363Google Scholar
  3. Bariatti S (2004) Le garanzie finanziarie nell’insolvenza transnazionale: l’attuazione della direttiva 2002/47/CE. Rivista di diritto internazionale privato e processuale:841–876Google Scholar
  4. Barona Vilar S, Esplugues Mota C (2011) International bankruptcy in Spain, pp 73–88. Available at: https://ssrn.com/abstract=1952782
  5. Benedetelli MV (2011) “Centre of Main Interests” of the Debtor under EU Regulation n. 1346/2000 and Insolvency of Cross-Border Groups: a Private International Law Perspective. In: Insolvency and Cross-border Groups (ed) UNCITRAL Recommendations for a European Perspective? Banca d’Italia Eurosistema, vol 69. Quaderni di Ricerca Giuridica della Consulenza Legale, pp 121–134Google Scholar
  6. Block-Lieb S (2017) The UK and EU cross-border insolvency recognition: from Empire to Europe to “Going It Alone”. Fordham Int Law J 40:1373–1412Google Scholar
  7. Block-Lieb S (2018) Reaching to restructure across borders (without over-reaching), even after Brexit. Am Bankruptcy Law J 92:1–52Google Scholar
  8. Bork R (2017) The European Insolvency Regulation and the UNCITRAL model law on cross-border insolvency. Int Insolv Rev 26:246–269CrossRefGoogle Scholar
  9. Bowen M (2013) An introduction to the fundamental principles governing cross-border insolvency in an English law context. Int Insolv Law Rev:121–131Google Scholar
  10. Brinkmann M (2013) Avoidance claims in the context of the recast EIR. Int Insolv Law Rev:371–383Google Scholar
  11. Carballo Piñeiro L (2014) Towards the reform of the European Insolvency Regulation: codification rather than modification. Nederland International Privaatrecht:207–215Google Scholar
  12. Carballo Piñeiro L (2017) Brexit and international insolvency beyond the realm of mutual trust. Int Insolv Rev 26:270–294CrossRefGoogle Scholar
  13. Carruthers JM (2017) Jurisdiction in secondary and territorial proceedings. In: Queirolo I, Dominelli S (eds) European and national perspectives on the application of the European Insolvency Regulation. Aracne editrice, Roma, pp 65–81Google Scholar
  14. Castelló Pastor JJ, Gómez Fonseca F (2017) Scope of application of the regulation (EU) 2015/848 on insolvency proceedings. In: Queirolo I, Dominelli S (eds) European and national perspectives on the application of the European Insolvency Regulation. Aracne editrice, Roma, pp 21–37Google Scholar
  15. Couwenberg O, Lubben SJ (2015) Corporate bankruptcy tourists. Bus Lawyer 70:719–750Google Scholar
  16. Dal Maso E (2013) Ancora sugli effetti dell’apertura di una procedura d’insolvenza transfrontaliera sul sequestro conservativo di nave. Il diritto maritimo:198–204Google Scholar
  17. Daniele L (2002) Legge applicabile e diritto uniforme nel regolamento comunitario relative alle procedure di insolvenza. Rivista di diritto internazionale privato e processuale:33–50Google Scholar
  18. de Boer MB, Wessels B (2008) The dominance of main insolvency proceedings under the European Insolvency Regulation. In: Omar P (ed) International insolvency law. Themes and perspectives. Routledge, London and New York, pp 185–208Google Scholar
  19. De Cesari P (2015) Il regolamento 2015/848. Il Fallimento e le alter procedure concorsuali, pp 1026–1037Google Scholar
  20. De Miguel Asensio PA (2015) La evolución del régimen Europeo sobre procedimientos de insolvencia. La Ley Unión Europea 28:1–8Google Scholar
  21. DeLaughter H (2016) Why two facets of Chapter 15 rulings hinder cross-border insolvency petitions in the United States. Emory Bankruptcy Dev J 32:397–431Google Scholar
  22. Eidenmüller H (2005) Free choice in international company insolvency law in Europe. Eur Bus Organ Law Rev 6:423–447CrossRefGoogle Scholar
  23. Eidenmüller H (2009) Abuse of law in the context of European insolvency law. Eur Company Financ Law Rev 6:1–28CrossRefGoogle Scholar
  24. Eidenmüller H (2013) A new framework for business restructuring in Europe: the EU commission’s proposal for a reform of the European Insolvency Regulation and beyond. Working Paper No 199/2013, ECGI Working Paper Series in Law, March 2013, pp 1–22. Available at: http://ssrn.com/abstract=2230690
  25. Eidenmüller H (2018) What is an insolvency proceeding? Am Bankruptcy Law J 92. Available at: https://ssrn.com/abstract=2712628
  26. Enriques L, Gelter M (2006) Regulatory competition in European company law and creditor protection. Eur Bus Organ Law Rev 7:417–453CrossRefGoogle Scholar
  27. Esplugues Mota C (2006) Procedimientos de insolvencia transfronterizos. Revista Sequência 52:9–34Google Scholar
  28. Fabok Z (2017) Grounds for refusal of recognition of (quasi-) annex judgments in the recast European Insolvency Regulation. Int Insolv Rev 26:295–313CrossRefGoogle Scholar
  29. Fehrenbach M (2013) Die Rechtsprechung des EuGH zur Europäischen Insolvenzordnung: Der Mittelpunkt der hauptsächlichen Interessen und andere Entwicklungen im Europäischen Insolvenzrecht. Zeitschrift für Europäisches Privatrecht:353–383Google Scholar
  30. Gant JL (2016) Studies in convergence? Post-crisis effects on corporate rescue and the influence of social policy: the EU and the USA. Int Insolv Rev 25:72–96CrossRefGoogle Scholar
  31. Ghio E (2017) Case study on cross-border insolvency and rescue law: an analysis of the future of European integration. Irish J Eur Law 20:63–79Google Scholar
  32. Godwin A, Howse T, Ramsay I (2017) The inherent power of common law courts to provide assistance in cross-border insolvencies: from comity to complexity. Int Insolv Rev 26:5–39CrossRefGoogle Scholar
  33. Gruber UP (2017) The international jurisdiction for main proceedings: practical difficulties in the application of Art. 3 InsRRecast. In: Queirolo I, Dominelli S (eds) European and national perspectives on the application of the European Insolvency Regulation. Aracne editrice, Roma, pp 39–63Google Scholar
  34. Hermanns R (2013) Consequences of the German equitable life – decision for the use of English schemes of arrangement in cross-border reorganizations. INSOL World 35. Available at: http://www.debrauw.com/wp-content/uploads/2013/09/Insol-World-Consequences-of-the-German-Equitable-Life.pdf
  35. Hoffman L (1995–1996) Cross-border insolvency: a British perspective. Fordham Law Rev 64:2507–2520Google Scholar
  36. Iodice F (2015) Scheme of arrangement tra raccomandazione della commissione e riforma del regolamento sulle procedure di insolvenza. Il Fallimento e le altre procedure concorsuali:1093–1105Google Scholar
  37. Johnston S (2007) Why U.S. courts should deny or severely condition recognition to schemes of arrangement for solvent insurance companies. Norton J Bankruptcy Law Pract 16:953–974Google Scholar
  38. Kastrinou A, Jacobs L (2016) Pre-insolvency procedures: a United Kingdom and South African perspective. In: Parry R, Omar PJ (eds) Reimagining rescue. INSOL Europe, Nottingham/Paris, pp 91–108Google Scholar
  39. Keay A (1996) In pursuit of the rationale behind the avoidance of pre-liquidation transactions. Sydn Law Rev 18:56Google Scholar
  40. Keay A (2017) The harmonization of the avoidance rules in European Union insolvencies. Int Comp Law Q 66:79–105CrossRefGoogle Scholar
  41. Klerman D (2007) Jurisdictional competition and the evolution of the common law. Univ Chic Law Rev 74:1179CrossRefGoogle Scholar
  42. Kortman L, Veder M (2015) The uneasy case for schemes of arrangement under English law in relation to non-UK companies in financial distress: pushing Europe? Nottingham Insolv Bus Law E-J 3:239–261Google Scholar
  43. Kuipers J-J (2012) Schemes of arrangement and voluntary collective redress: a gap in the Brussels I Regulation. J Priv Int Law 8:225–249CrossRefGoogle Scholar
  44. Lennarts L (2010) EU corporate insolvency law in the wake of the ECJ’s Deko Marty judgment. Eur Company Law 7:106–112Google Scholar
  45. Mangano R (2017) From ‘Prisoner’s Dilemma’ to reluctance to use judicial discretion: the enemies of cooperation in European cross-border cases. Int Insolv Rev 26:314–331CrossRefGoogle Scholar
  46. McCormack G (2012) Universalism in insolvency proceedings and the common law. Oxf J Leg Stud:325–347CrossRefGoogle Scholar
  47. McCormack G (2014) Reforming the European Insolvency Regulation: a legal and policy perspective. J Priv Int Law:41–67CrossRefGoogle Scholar
  48. McCormack G (2016) Something old, something new: recasting the European Insolvency Regulation. Mod Law Rev 79:121–146CrossRefGoogle Scholar
  49. McCormack G, Keay A, Brown S, Dahlgreen J (2016) Study on a new approach to business failure and insolvency. Comparative legal analysis of the Member States’ relevant provisions and practices. Tender No. JUST/2014/JCOO/PR/CIVI/0075 University of Leeds. Available at: https://ec.europa.eu/info/sites/info/files/insolvency_study_2016_final_en.pdf
  50. Mevorach I (2008) The “home country” of a multinational enterprise group facing insolvency. Int Comp Law Q 57:427–448CrossRefGoogle Scholar
  51. Mevorach I (2013) Forum shopping in times of crisis: a directors’ duties perspective. Eur Company Financ Law Rev 10:523–553CrossRefGoogle Scholar
  52. Mevorach I (2018) The future of cross-border insolvency. Overcoming biases and closing gaps. Oxford University PressGoogle Scholar
  53. Michalopoulos GN (2013) The pre-bankruptcy procedures of insolvency of the Bankruptcy Code [in Greek]. Nomiki Bibliothiki, AthensGoogle Scholar
  54. Morton JD (2006) Recognition of cross-border insolvency proceedings: an evaluation of solvent schemes of arrangement and Part VII transfers under U.S. Chapter 15. Fordham Int Law J 29:1312–1363Google Scholar
  55. Moustaira EN (1992) The equality of creditors in international bankruptcy law [in Greek]. Ant.N. Sakkoulas Publishers, Athens/KomotiniGoogle Scholar
  56. Mucciarelli F (2013) Not just efficiency: insolvency law in the EU and its political dimension. Eur Bus Organ Law Rev 14:175–200CrossRefGoogle Scholar
  57. Mucciarelli FM (2016) Private international law rules in the insolvency regulation recast: a reform or a restatement of the Status Quo? Eur Company Finance Rev:1–30CrossRefGoogle Scholar
  58. Nadelmann K (1946) Solomons v Ross and international bankruptcy law. Mod Law Rev 9:154–168CrossRefGoogle Scholar
  59. Noel J, Lemontey J “Report on the Convention Relating to Bankruptcies, Compositions and Analogous Procedures” (Commission of the European Communities Working Document 16.775/XIV/70-F, 1970)Google Scholar
  60. Omar PJ (2003) Genesis of the European initiative in insolvency law. Int Insolv Rev 12:147–170CrossRefGoogle Scholar
  61. Ortega Rueda JD (2016) Insolvencia en la Unión Europea. El principio de la universalidad en los procedimientos concursales transfronterizos. Dottorato di ricerca, Università di Bologna. Available at: http://amsdottorato.unibo.it/7287/1/Ortega_Rueda%2C_José_David_-_tesis.pdf
  62. Payne J (2013) Cross-border schemes of arrangement and forum shopping. Eur Bus Organ Law Rev 14:563–589CrossRefGoogle Scholar
  63. Pérez Ragone ÁJ, Martínez Benavides P (2015) Del sobreendeudamiento a la insolvencia: Fase de crisis del deudor desde el derecho comparado europeo. Revista Chilena de Derecho 42:93–121CrossRefGoogle Scholar
  64. Pottow JAE (2005) Procedural incrementalism: a model for international bankrutpcy. Va J Int Law 45:935–1015Google Scholar
  65. Renssen S (2017) Corporate restructuring and corporate dissolution of companies in financial distress: ensuring creditor protection. A comparison of the US, UK and Dutch models. Int Insolv Rev 26:204–228CrossRefGoogle Scholar
  66. Schürmeyer J (2018) Die Insolvenzgeldvorfinanzierung. Ein Sanierungsinstrument für polnische Insolvenzverfahren? V & R unipress, Universitätsverlag OsnabrückCrossRefGoogle Scholar
  67. Strickler P (2017) Die Anerkennung ausländischer Insolvenzverfahren in der Schweiz im Vergleich mit Deutschland, Österreich und der Europäischen Union. Schulthess, Zürich-Basel-GenfGoogle Scholar
  68. Tirado I (2015) An evolution of COMI in the European Insolvency Regulation: from ‘Insolvenzimperialismus’ to the recast. Annu Rev Insolv Law:691–722Google Scholar
  69. Torremans P (2008) Coming to terms with the COMI concept in the European Insolvency Regulation. In: Omar P (ed) International insolvency law. Themes and perspectives. Routledge, London and New York, pp 173–184Google Scholar
  70. Tung F (2001) Is international bankruptcy possible? Mich J Int Law 23:31–102Google Scholar
  71. van Calster G (2015) COMIng, and here to stay. The review of the European Insolvency Regulation. Available at: https://ssrn.com/abstract=2637003
  72. van Zwieten K (2016) An introduction to the European Insolvency Regulation, as made and as recast. In: Bork R, van Zwieten K (eds) Commentary on the European Insolvency Regulation. Oxford University Press. Available at: https://ssrn.com/abstract=2775814
  73. Virgós VM, Garcimartín F (2004) The European Insolvency Regulation: law and practice. Kluwer Law InternationalGoogle Scholar
  74. Virgós M, Schmidt E “Report on the Convention of Insolvency Proceedings”, EC Council Document 6500/96, Brussels, 3 May 1996Google Scholar
  75. Warren E (1993) Bankruptcy policymaking in an imperfect world. Mich Law Rev 92:336–387CrossRefGoogle Scholar
  76. Weiss M (2015) Bridge over troubled water: the revised insolvency regulation. Int Insolv Rev 24:192–213CrossRefGoogle Scholar
  77. Weller M-P, Thomale C, Benz N (2016) Englische Gesellschaften und Unternehmensinsolvenzen in der Post-Brexit-EU. Neue Juristische Wochenschrift:2378–2383Google Scholar
  78. Westbrook JL (2007) Locating the eye of the financial storm. Brooklyn J Int Law 32:1019–1040Google Scholar
  79. Wimmer K, Bornemann A, Lienau MD (2016) Die Neufassung der EuInsVO. Luchterhand Verlag, KölnGoogle Scholar

Copyright information

© Springer Nature Switzerland AG 2019

Authors and Affiliations

  • Elina Moustaira
    • 1
  1. 1.School of LawNational and Kapodistrian University of AthensAthensGreece

Personalised recommendations