Cross-border Insolvency – foreign liquidators’ claims
The courts in EU member states have, as part of their domestic jurisdiction, the ability to hear and determine antecedent transaction claims against foreign defendants resident in another country, even one outside the EU. This is a result of the CJEU decision in Schmid v Hertel C-328/12, 16 January 2014 interpreting Article 3(1) European Insolvency Regulation 1346/2000. The decision endorses universalism in cross-border insolvency and highlights the risk of clawbacks by foreign office-holders in foreign courts.
If you encounter such situations, do let us know. We may be able to help in this slightly unusual area.
Date: 6th May, 2014
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