European insolvency law : the Heidelberg-Luxembourg-Vienna Report on the application of Regulation No. 1346/2000/EC on Insolvency Proceedings (External Evaluation JUST/2011/JCIV/PR/0049/A4) / presented by Prof. Dr. Burkhard Hess (Luxembourg/Heidelberg), Univ.-Prof. Dr. Paul Oberhammer (Vienna/London/St. Gallen), Prof. Dr. Thomas Pfeiffer (Heidelberg) ; in cooperation with Prof. Dr. Andreas Piekenbrock (Heidelberg), Christopher Seagon (Heidelberg).
2014
KJC4290 .H47 2014 (Map It)
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Title
European insolvency law : the Heidelberg-Luxembourg-Vienna Report on the application of Regulation No. 1346/2000/EC on Insolvency Proceedings (External Evaluation JUST/2011/JCIV/PR/0049/A4) / presented by Prof. Dr. Burkhard Hess (Luxembourg/Heidelberg), Univ.-Prof. Dr. Paul Oberhammer (Vienna/London/St. Gallen), Prof. Dr. Thomas Pfeiffer (Heidelberg) ; in cooperation with Prof. Dr. Andreas Piekenbrock (Heidelberg), Christopher Seagon (Heidelberg).
Published
München : C.H. Beck, 2014.
Distributed
Oxford : Hart Publishing
Baden-Baden : Nomos
Baden-Baden : Nomos
Copyright
©2013
Call Number
KJC4290 .H47 2014
ISBN
9781849466028 (Hart Publishing : hd. bd.)
1849466025 (Hart Publishing : hd. bd.)
9783406655012 (Beck : hd. bd.)
3406655017 (Beck : hd. bd.)
9783848704705 (Nomos : hd. bd.)
3848704706 (Nomos : hd. bd.)
1849466025 (Hart Publishing : hd. bd.)
9783406655012 (Beck : hd. bd.)
3406655017 (Beck : hd. bd.)
9783848704705 (Nomos : hd. bd.)
3848704706 (Nomos : hd. bd.)
Description
xxxii, 1,034 pages : illustrations ; 25 cm
System Control No.
(OCoLC)868016817
Summary
"Regulation No 1346/2000 of 29 May 2000 External Evaluation of Regulation (EIR) is the cornerstone of European insolvency law. The Regulation, which is directly applicable in all Member States, is the legal basis for cross-border insolvencies within the European Union. Paving the way for a new European insolvency law, the Heidelberg-Luxembourg-Vienna Report carries out a comprehensive legal and empirical evaluation of European insolvency law practice in the Member States. Based on thorough analyses the general reporters evaluate the Regulation and provide recommendations for its current revision."--- Extracted from website.
Note
Research report.
Bibliography, etc. Note
Includes bibliographical references (pages xvii-xxviii).
Record Appears in
Table of Contents
Bibliography
xvii
List of Abbreviations
xxix
1.
Introduction
1
1.1.
Methodology, Scope and Aim of the Study
1
1.2.
Outline of the Study
2
1.2.1.
Different Parts
2
1.2.2.
Comparative Research
2
1.2.3.
Distribution of Responsibilities
5
2.
Executive Summary
7
2.1.
General Assessment
7
2.2.
Scope of the Regulation
7
2.2.1.
Main Issues
7
2.2.1.1.
Definition of Insolvency Proceedings
7
2.2.1.2.
Insolvency of Private Individuals and Self-employed Persons
8
2.2.1.3.
Exception Rule of Article 1 (2) EIR
8
2.2.1.4.
Absence of Provisions for the Recognition of Insolvency Proceedings Opened outside the EU or the Coordination between Proceedings inside and outside the EU
9
2.2.2.
Policy Options and Recommendations
9
2.2.2.1.
Definition of Insolvency Proceedings
9
2.2.2.2.
Coordination between Article 1 (1) EIR and Annex A
9
2.2.2.3.
Exception Rule of Article 1 (2) EIR
10
2.3.
Pre-insolvency and Hybrid Proceedings not Listed in the Annex A of the EIR
10
2.4.
Article 3 EIR
11
2.4.1.
COMI of Corporations
12
2.4.2.
COMI of Natural Persons
12
2.4.3.
Improving the Procedural Framework
12
2.4.4.
Territorial Proceedings (Articles 3 (2) - (4) EIR)
14
2.5.
Insolvency-related Actions (Article 3 a EIR)
14
2.5.1.
Main Issues
14
2.5.2.
Policy Options and Recommendations
15
2.6.
Groups of Companies
15
2.7.
Applicable Law
17
2.7.1.
Article 4 EIR
17
2.7.2.
Articles 5 and 7 EIR
17
2.7.3.
Article 6 EIR
17
2.7.4.
Article 8 EIR
17
2.7.5.
Article 9 EIR
17
2.7.6.
Article 10 EIR
18
2.7.7.
Article 11 EIR
18
2.7.8.
Article 12 EIR
18
2.7.9.
Article 13 EIR
18
2.7.10.
Article 14 EIR
19
2.7.11.
Article 15 EIR
19
2.8.
Coordination of Proceedings
19
2.9.
Lodgement of Claims - Main Findings
21
2.9.1.
Substantial Issues
21
2.9.2.
Procedural Issues
22
3.
Scope of the Regulation
24
3.1.
Underlying Policies
24
3.2.
Main Issues
25
3.2.1.
Definition of Insolvency Proceedings
25
3.2.2.
Insolvency of Private Individual and Self-employed Persons
29
3.2.3.
Exception Rule of Article 1 (2) EIR
30
3.2.4.
Absence of Provisions for the Recognition of Insolvency Proceedings Opened outside the EU or the Coordination between Proceedings inside and outside the EU
31
3.3.
National Legislation and Case-Law
32
3.3.1.
Pre-insolvency and Hybrid Proceedings in EU-Member States
32
3.3.1.1.
Austria
32
3.3.1.2.
Belgium
32
3.3.1.3.
Czech Republic
35
3.3.1.4.
France
35
3.3.1.5.
Germany
36
3.3.1.6.
Greece
37
3.3.1.7.
Italy
38
3.3.1.8.
Latvia
38
3.3.1.9.
Malta
39
3.3.1.10.
Netherlands
39
3.3.1.11.
Poland
39
3.3.1.12.
Romania
40
3.3.1.13.
Spain
40
3.3.1.14.
Sweden
41
3.3.1.15.
United Kingdom (England and Wales)
41
3.3.2.
Assessment: Common Features of Pre-insolvency and Hybrid Proceedings
43
3.3.3.
Insolvency Proceedings of Consumers and of Self-Employed Persons
45
3.3.3.1.
Austria
45
3.3.3.2.
Belgium
46
3.3.3.3.
Bulgaria
46
3.3.3.4.
Cyprus
46
3.3.3.5.
Czech Republic
46
3.3.3.6.
Estonia
46
3.3.3.7.
Finland
47
3.3.3.8.
France
47
3.3.3.9.
Germany
47
3.3.3.10.
Greece
47
3.3.3.11.
Hungary
48
3.3.3.12.
Ireland
48
3.3.3.13.
Italy
48
3.3.3.14.
Latvia
49
3.3.3.15.
Lithuania
49
3.3.3.16.
Luxembourg
49
3.3.3.17.
Malta
50
3.3.3.18.
Netherlands
50
3.3.3.19.
Poland
51
3.3.3.20.
Portugal
51
3.3.3.21.
Romania
52
3.3.3.22.
Slovakia
52
3.3.3.23.
Slovenia
53
3.3.3.24.
Spain
53
3.3.3.25.
Sweden
53
3.3.3.26.
United Kingdom (England and Wales)
54
3.3.4.
Assessment of the Findings of the National Reports
54
3.3.5.
Absence of Provisions for Proceedings Opened outside the EU and for the Coordination of Proceedings inside and outside of the European Union
56
3.3.5.1.
Austria
56
3.3.5.2.
Belgium
56
3.3.5.3.
Estonia
57
3.3.5.4.
Finland
57
3.3.5.5.
France
57
3.3.5.6.
Germany
58
3.3.5.7.
Greece
59
3.3.5.8.
Hungary
59
3.3.5.9.
Italy
59
3.3.5.10.
Latvia
60
3.3.5.11.
Lithuania
60
3.3.5.12.
Malta
60
3.3.5.13.
Netherlands
61
3.3.5.14.
Poland
61
3.3.5.15.
Romania
61
3.3.5.16.
Slovakia
62
3.3.5.17.
Slovenia
62
3.3.5.18.
Spain
62
3.3.5.19.
Sweden
62
3.3.5.20.
United Kingdom (England and Wales)
62
3.3.6.
Assessment: the Application of the EIR with Regard to Third States
63
3.4.
Policy Options
63
3.4.1.
Extention of the Regulation to Pre-insolvency Proceedings
63
3.4.2.
Improving the Interfaces between the Definitions in Articles 1 and 2 and the Annexes to the EIR
65
3.5.
Recommendations
67
4.
Jurisdiction
69
4.1.
Article 3 EIR: Definition and Determination of the Centre of Main Interests
69
4.1.1.
Underlying Policies
69
4.1.2.
Main Issues
71
4.1.2.1.
COMI of Corporations
72
4.1.2.2.
COMI of Individual Persons
74
4.1.2.3.
Relocation Cases
75
4.1.2.4.
Territorial Proceedings
76
4.1.3.
Application of the Regulation in the Member States
78
4.1.3.1.
COMI of Corporations
78
4.1.3.2.
COMI of Natural Persons
92
4.1.3.3.
Investigation ex officio
96
4.1.3.4.
Relocation Cases
97
4.1.3.5.
Territorial Proceedings
103
4.1.3.6.
Policy Options and Recommendations
109
4.1.3.7.
Territorial Proceedings (Articles 3 (2) - (4) EIR)
111
4.2.
Annex Proceedings
112
4.2.1.
Introduction and Underlying Policy
112
4.2.2.
Case-Law of the ECJ
114
4.2.2.1.
Gourdain v. Nadler
114
4.2.2.2.
Seagon v. Deko Marty Belgium
115
4.2.2.3.
SCT Industri AB i likvidation v. Alpenblume AB
116
4.2.2.4.
German Graphics Graphische Maschinen GmbH v. Alice van der Schee, acting as liquidator of Holland Binding BV
116
4.2.2.5.
F-Tex SIA v. Lietuvos-Anglijos UAB "Jadecloud-Vilma"
117
4.2.2.6.
ERSTE Bank Hungary Nyrt v. Magyar Állam, BCL Trading GmbH, ERSTE Befektetési Zrt
117
4.2.2.7.
Rastelli v. Hidoux
118
4.2.2.8.
Pending Cases
118
4.2.3.
Implementation of the ECJ's Ruling in the Member States
119
4.2.4.
Methodological Aspects
122
4.2.5.
Delimitation between the Scope of the EIR and the Brussels I Regulation
124
4.2.5.1.
Principles
124
4.2.5.2.
Key Criteria
125
4.2.5.3.
Objective Scope of the vis attractiva concursus: Examples of Specific Types of Actions
128
4.2.6.
Exclusive or Elective Jurisdiction
141
4.2.6.1.
Current Legal Situation
141
4.2.6.2.
Policy Options
142
4.2.6.3.
Related Claims and Jurisdiction on the ground of Connectedness
143
4.2.7.
Annex Proceedings Related to Secondary or Territorial Insolvency Proceedings
145
4.2.8.
Conflicting Proceedings and Decisions
145
4.2.9.
Annex Proceedings Against Third State Defendants on the Example of Avoidance Actions
146
4.2.9.1.
General Remarks
146
4.2.9.2.
Annex Jurisdiction in Cases Related to Third States?
148
4.2.10.
Recommendations
151
5.
Groups of Companies
153
5.1.
Problem
153
5.1.1.
General
153
5.1.1.1.
Status Quo: No Specific Provisions in the EIR
153
5.1.1.2.
Need for Legislation
153
5.1.1.3.
Groups of Companies Come in All Shapes and Sizes
154
5.1.1.4.
Respect Company Law
155
5.2.
Ways to Improve Coordination
157
5.2.1.
General
157
5.2.2.
Coordination between Insolvency Proceedings against Group Companies
158
5.2.2.1.
General
158
5.2.2.2.
"Soft" Coordination
159
5.2.2.3.
Who Could Take the Lead?
159
5.2.2.4.
Market Economy Oriented Approach to Group of Companies Insolvencies
162
5.2.3.
From "Head Office" to "Group COMI"?
162
5.2.3.1.
Head Office Approach
162
5.2.3.2.
Eurofood: Hard Cases Make Bad Law
164
5.2.3.3.
Interedil: The Return of Pragmatism
165
5.2.3.4.
Safeguarding the Interedil Approach: One Step in the Right Direction
166
6.
Applicable Law
168
6.1.
Article 4 EIR: Applicability of the Law of the State of the Opening of the Proceedings (Thomas Pfeiffer)
168
6.1.1.
General Principle
168
6.1.2.
Qualification
169
6.1.2.1.
General Aspects
169
6.1.2.2.
Scope in Relation to Company Law
171
6.1.3.
Other Questions Relating to General Concepts of Private International Law
172
6.1.4.
Specific Issues
173
6.1.4.1.
Determination of the Debtor (Article 4(2)(a))
173
6.1.4.2.
Determination of the Assets Belonging to the Estate (Article 4(2)(b))
173
6.1.4.3.
Powers of the Debtor and the Liquidator (Article 4(2)(c))
174
6.1.4.4.
Conditions for Set-off (Article 4(2)(d))
174
6.1.4.5.
Effects of Insolvency Proceedings on Current Contracts (Article 4(2)(e))
174
6.1.4.6.
Effects of the Insolvency Proceedings on Individual Proceedings not Pending (Article 4(2)(f))
175
6.1.4.7.
Treatment of Claims against Estate and Debtor (Article 4(2)(g))
175
6.1.4.8.
Lodging, Verification and Admission of Claims (Article 4(2)(h))
176
6.1.4.9.
Distribution, Ranking and Set-off Article (4(2)(i))
176
6.1.4.10.
Conditions for and the Effects of Closure of Insolvency Proceedings (Article 4(2)(j))
176
6.1.4.11.
Creditors' Rights after the Closure of Insolvency Proceedings (Article 4(2)(k))
176
6.1.4.12.
Costs and Expenses (Article 4(2)(1))
176
6.1.4.13.
Voidness, Voidability or Unenforceability of Legal Acts Detrimental To All Creditors (Article 4(2)(m))
176
6.1.4.14.
Applicability in Primary and Secondary Proceedings
176
6.2.
Article 5 EIR: Third Parties' rights in rem (Andreas Piekenbrock)
177
6.2.1.
Underlying Policy
177
6.2.2.
Main Issues
178
6.2.2.1.
How to Achieve the Policy Goals?
178
6.2.2.2.
Scope of Application
178
6.2.2.3.
Localisation of Intangible Assets
179
6.2.2.4.
Adjustment, Reduction or Discharge of the Secured Claim
179
6.2.3.
ECJ Case-Law
180
6.2.4.
Implementation by the Member States
180
6.2.4.1.
Practical Problems Reported
181
6.2.4.2.
National Legal Context on rights in rem
184
6.2.5.
Discussion
187
6.2.5.1.
First Issue: How to Achieve the Policy Goals?
187
6.2.5.2.
Discussion of the Other Issues
194
6.2.6.
Recommendations
197
6.3.
Article 6 EIR: Set-off (Andreas Piekenbrock)
198
6.3.1.
Underlying Policy
198
6.3.2.
Main Issues
198
6.3.2.1.
Third-State-Cases
198
6.3.2.2.
Applicability to Netting Agreements
198
6.3.3.
Implementation of Article 6 by the Member States
199
6.3.3.1.
Practical Problems Reported
199
6.3.3.2.
National Legal Framework on Set-off
199
6.3.4.
Recommendations
202
6.4.
Article 7 EIR: Reservation of Title (Andreas Piekenbrock)
202
6.4.1.
Underlying Policy
202
6.4.2.
Main Issue
202
6.4.3.
ECJ Case-Law
202
6.4.4.
Implementation by the Member States
203
6.4.5.
Discussion
203
6.4.5.1.
Case 1
203
6.4.5.2.
Case 2
204
6.4.6.
Recommendations
204
6.5.
Article 8 EIR: Contracts Relating to Immoveable Property (Andreas Piekenbrock)
204
6.5.1.
Underlying Policy
204
6.5.2.
Discussion
205
6.5.3.
Recommendation
205
6.6.
Article 9 EIR: Payment Systems and Financial Markets (Thomas Pfeiffer)
205
6.7.
Article 10 EIR: Employment Contracts (Thomas Pfeiffer)
206
6.7.1.
Employment Law Standards and Insolvency
206
6.7.1.1.
General Aspects
206
6.7.1.2.
Transfer of an Undertaking
207
6.7.2.
Issues of Qualification
207
6.7.3.
Issues of Assimilation (Adaptation)
207
6.7.4.
Coordination with Guarantee Institutions
208
6.8.
Article 11 EIR: Effects on Rights Subject to Registration (Andreas Piekenbrock)
208
6.8.1.
Underlying Policy
208
6.8.2.
Discussion
209
6.8.3.
Recommendation
209
6.9.
Article 12 EIR: Community Patents and Trade Marks (Robert Magnus)
209
6.9.1.
Scope and Underlying Policy
209
6.9.2.
Article 12 EIR and Article 5 EIR
211
6.9.3.
Article 12 EIR and Article 3 (4) lit a) EIR
212
6.9.4.
Recommendation
212
6.10.
Article 13 EIR: Avoidance, Avoidability and Voidness (Thomas Pfeiffer)
213
6.10.1.
General Questions
213
6.10.2.
Need for an Abolishment or Limitation of Article 13 EIR?
213
6.10.2.1.
Legitimate Expectations of the Parties
213
6.10.2.2.
Complexity of the Provision?
214
6.10.2.3.
Fraudulent Manipulations?
214
6.10.2.4.
Proposal to Protect against Changes of the COMI Only
215
6.10.2.5.
Result
215
6.10.3.
Need for an Extension?
215
6.11.
Article 14 EIR: Protection of Third-party Purchasers (Andreas Piekenbrock)
216
6.11.1.
Underlying Policy
216
6.11.2.
Main Issue
216
6.11.3.
Implementation in the Member States
216
6.11.4.
Discussion
216
6.11.5.
Recommendation
217
6.12.
Article 15 EIR: Effect of the Insolvency Proceedings on Individual Proceedings in Other Member States (Thomas Pfeiffer)
217
6.12.1.
Information Problem
217
6.12.2.
Qualification Issues
218
6.12.3.
Arbitration
218
7.
Coordination of Proceedings
219
7.1.
General
219
7.2.
Tools
220
7.2.1.
Jurisdiction
220
7.2.1.1.
Uniform Law as Tool of Coordination: The COMI
220
7.2.1.2.
Territorial Proceedings
221
7.2.1.3.
Coordination of Putative Main Proceedings
223
7.2.1.4.
Jurisdiction for Insolvency-Related Litigation
229
7.2.2.
Recognition
229
7.2.3.
Applicable Law
232
7.3.
Coordination of Main and Secondary Proceedings
234
7.3.1.
Politics as the Raison d'être for Secondary Proceedings
234
7.3.1.1.
Universality and Territorial Sovereignty
234
7.3.1.2.
Recital 19: The Truth Well Told
234
7.3.1.3.
"The Protection of Local Interest": An Opaque Approach
236
7.3.1.4.
Secondary Proceedings in Practice
237
7.3.1.5.
Two Options: Reduction of Secondary Proceedings and Improvement of Coordination
240
7.3.2.
Opening of Secondary Proceedings
241
7.3.2.1.
Right to Apply for Secondary Proceedings
241
7.3.2.2.
Opening Procedure
241
7.3.2.3.
Requirements for the Opening of Secondary Proceedings
242
7.3.2.4.
Undertakings in Order to Avoid Secondary Proceedings
243
7.3.3.
Coordination of Parallel Proceedings
244
7.3.3.1.
General
244
7.3.3.2.
Duties under Art 31 EIR
246
7.3.3.3.
Cooperation between Courts or Liquidators and Courts
246
7.3.3.4.
Poor Excuses for Non-Cooperation
248
7.3.3.5.
Art 33 EIR: The Mechanism for Resolving Disputes between the Main and the Secondary Liquidator
248
7.3.3.6.
Secondary Proceedings: Not Necessarily Winding-Up Proceedings
251
8.
Information for Creditors and Lodging of Claims
253
8.1.
Introduction
253
8.2.
Regulatory Framework and Underlying Policies
253
8.3.
Main Issues
255
8.3.1.
Challenges of Ensuring a Pan-European Notification of Creditors
255
8.3.1.1.
Application of Articles 40 and 42 (1) EIR in Practice
255
8.3.1.2.
Public Register as Information Tool
257
8.3.2.
Procedural Intricacies of the (Transnational) Lodging of Claims
259
8.3.3.
Lodging of Claims: Substantive Issues
262
8.4.
Conclusion and Policy Options
263
9.
Recognition of Decisions on Insolvency Proceedings under the European Insolvency Regulation
264
9.1.
Automatic Recognition of Decisions Opening Insolvency Proceedings (Article 16)
265
9.1.1.
Problems Concerning the Recognition of Decisions Opening Insolvency Proceedings
265
9.1.1.1.
Austria
265
9.1.1.2.
Belgium
266
9.1.1.3.
France
266
9.1.1.4.
Germany
266
9.1.1.5.
Poland
266
9.1.1.6.
Slovakia
267
9.1.1.7.
Spain
267
9.1.2.
Practical Problems Concerning the Recognition of Decisions Opening Insolvency Proceedings
267
9.1.2.1.
Belgium
267
9.1.2.2.
United Kingdom (England and Wales)
268
9.1.2.3.
Estonia
268
9.1.2.4.
Germany
268
9.1.2.5.
Latvia
268
9.1.2.6.
Poland
269
9.2.
Public Policy Exception (Article 26 EIR)
269
9.2.1.
General
269
9.2.2.
Application of the Public Policy Exception in the EU-Member States
270
9.2.2.1.
Austria
270
9.2.2.2.
Belgium
271
9.2.2.3.
France
271
9.2.2.4.
Germany
271
9.2.2.5.
Lithuania
272
9.2.2.6.
Poland
272
Index
273
Annex Systematic Summary of National Reports
285
Annex Systematic Compilation of Case-Law
725