Abstract
The EC Regulation relates only to the recognition of insolvency proceedings between States within the European Union (except Denmark which opted out pursuant to the provisions of the Treaty of Amsterdam). This chapter examines the relationship between the EC Regulation and the Model Law.
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- 1.
Treaty of Amsterdam amending the Treaty on European Union, the Treaties establishing the European Communities and certain related acts [1997] OJ C 340/01.
- 2.
Guide to Enactment of The UNCITRAL Model Law on Cross-Border Insolvency UN Doc A/CN.9/442 [18].
- 3.
Ibid [19].
- 4.
Ibid [31].
- 5.
Ibid [74].
- 6.
Ibid [75].
- 7.
United Nations Commission on International Trade Law, General Assembly, Legislative Guide on Insolvency Law, UN Publications Sales No E.05.V.10 (United Nations, 2005),13 [13],41 [13].
- 8.
Ibid 42 [15].
- 9.
Re Stanford International Bank Ltd [2011] Ch 33, 67 [53–54].
- 10.
Ibid 67 [54].
- 11.
Re Bear Stearns High Grade Structured Credit Strategies Master Fund Ltd, 374 BR 122, 129 (Bankr, SD NY, 2007).
- 12.
Re Ran, 607 F.3d 1017, 1020 (5th Cir, 2010); Re Millennium Global Emerging Credit Master Fund Limited, 458 BR 63, n 49 (Bankr, SD NY, 2011).
- 13.
Re Interedil Srl [2012] Bus LR 1582, 1593 [59].
- 14.
Ibid 1592 [51–52].
- 15.
Shierson v Vlieland-Boddy [2005] 1 WLR 3966, 3985–6 [55].
- 16.
Re Interedil Srl [2012] Bus LR 1582, 1594 [62].
- 17.
984 Regulation EC No 848/2015 of the European Council on Insolvency Proceedings [2015] OJ L 141/19 Recital 30.
- 18.
Re Interedil Srl [2012] Bus LR 1582, 1592–3 [55].
- 19.
Williams v Simpson [No 5] [2010] NZHC 1786 (12 October 2010) [32].
- 20.
See Gerard McCormack, ‘Universalism in Insolvency Proceedings and the Common Law’ (2012) 32 Oxford Journal of Legal Studies 325, 341.
- 21.
See Goode, see footnote 276, 807–11 [16–32]–[16–36].
- 22.
Schmid v Hertal [2013] EUECJ C-328/12.
- 23.
Bank Handlowy w Warszawie SA v Christianapol sp zoo [2012] WLR (D) 340 [46].
- 24.
Ibid [55].
- 25.
Ibid [63].
- 26.
Pedro Jose F Bernardo, ‘Cross-Border Insolvency and the Challenges of the Global Corporation: Evaluating Globalization and Stakeholder Predictability through the UNCITRAL Model Law on Cross-Border Insolvency and the European Union Insolvency Regulation’ (2012) 56 Ateneo Law Journal 798, 827.
- 27.
Regulation EC No 848/2015of the European Council on Insolvency Proceedings [2015] OJ L 141/19.
- 28.
Regulation EC No 848/2015of the European Council on Insolvency Proceedings [2015] OJ L 141/19 recital 26.
- 29.
Regulation EC No 848/2015of the European Council on Insolvency Proceedings [2015] OJ L 141/19 Art 7(2).
- 30.
Regulation EC No 848/2015 of the European Council on Insolvency Proceedings [2015] OJ L 141/19 recital 30.
- 31.
European Commission ‘Insolvency: Commission recommends new approach to rescue businesses and give honest entrepreneurs a second chance’ (Press Release, IP/14/254, 12 March 2014).
- 32.
Lawrence, ‘Locating the Eye of the Financial Storm’ see footnote 474, 1021.
- 33.
Applying the reasons in cases such as Re Ernst & Young Inc as Receiver of Klytie’s Developments Inc, 383 BR 773 (Bankr, D Col, 2008).
- 34.
Look Chan Ho, ‘Cross-border fraud and cross-border insolvency: Proving COMI and seeking Recognition under the UK Model Law’ (2009) 29 Journal of International Banking and Financial Law, 537, 549.
- 35.
Art 4.
- 36.
Schmid v Hertel [2014] 1 WLR 633.
- 37.
Michael Veder, Cross-Border Insolvency Proceedings and Security Rights (Kluwer, 2004), 106.
- 38.
See Fletcher and Wessels see footnote 23.
- 39.
Ibid 8–9.
- 40.
See, e.g., principle 13 in relation to recognition of foreign proceedings and definition of centre of main interest and establishment.
- 41.
Principle 13.4.
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Hannan, N. (2017). Interrelationship Between the Model Law and the EC Regulation. In: Cross-Border Insolvency. Springer, Singapore. https://doi.org/10.1007/978-981-10-5876-9_14
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