European Insolvency Regulation Annexes
Listing in its Annexes the insolvency procedures to which the European Insolvency Regulation applies should assist in bringing certainty to the application and use of the Regulation. But can we really be certain?
Take the Sauvegarde Financière Accélérée in France, which is not listed in any annexe at the time of writing. It is a separate procedure from Sauvegarde (which is listed). Moreover, Sauvegarde is not an insolvency procedure in France, but is recognised there as a pre-insolvency mechanism. Does it therefore constitute a collective insolvency proceeding (because if not, it may not trigger application of the Regulation despite being listed in the Annexes).
Date: 3rd June, 2011
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