Parallel Reorganizations under the Recast European Insolvency Regulation - Selected EU Law Issues
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216208%3A11230%2F18%3A10382928" target="_blank" >RIV/00216208:11230/18:10382928 - isvavai.cz</a>
Result on the web
<a href="https://doi.org/10.1002/iir.1314" target="_blank" >https://doi.org/10.1002/iir.1314</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.1002/iir.1314" target="_blank" >10.1002/iir.1314</a>
Alternative languages
Result language
angličtina
Original language name
Parallel Reorganizations under the Recast European Insolvency Regulation - Selected EU Law Issues
Original language description
The Recast European Insolvency Regulation (EIR) (Regulation 2015/848) repealed the rules in Articles 3(3) and 27 of the original EIR (Regulation 1346/2000) that required that secondary insolvency proceedings take the form of a liquidation (winding-up). As a result, European debtors may now attempt to resolve their cross-border insolvencies via parallel reorganization proceedings conducted both in the Member State of the debtor's centre of main interest and in one or more Member States in which the debtor possesses an establishment. This article aims to take account of the principal rules of the Recast EIR which, in addition to the national laws of the Member States involved, will regulate such attempts. Upon the review of these selected rules, the article concludes that, in principle, the Recast EIR provides EU debtors with a feasible cross-border platform to reorganize in more than one Member State in parallel. However, the article finds that a particular rule central to the system of cross-border insolvency under the EIR, namely, Article 45, which allows the multiple filing of claims in all proceedings conducted in respect of the debtor, has the potential to frustrate attempts at parallel reorganizations. This is particularly so where the cross-filing rule combines with Member State law that is rigid as regards plan approval by creditor classes or minimum payouts to certain classes. Copyright (c) 2018 INSOL International and John Wiley & Sons, Ltd.
Czech name
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Czech description
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Classification
Type
J<sub>imp</sub> - Article in a specialist periodical, which is included in the Web of Science database
CEP classification
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OECD FORD branch
50201 - Economic Theory
Result continuities
Project
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Continuities
I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace
Others
Publication year
2018
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Name of the periodical
International Insolvency Review
ISSN
1180-0518
e-ISSN
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Volume of the periodical
27
Issue of the periodical within the volume
3
Country of publishing house
US - UNITED STATES
Number of pages
34
Pages from-to
340-373
UT code for WoS article
000449777100004
EID of the result in the Scopus database
2-s2.0-85056609120