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European Insolvency Regulation: MEPs’ Proposals

The European Commission's proposals issued in December 2012 have now been reviewed by the European Parliament's Committee on Legal Affairs. Your comments on the report would be welcome, either below or by email to chrislaughton@mercerhole.co.uk.

Time is short to influence the final proposals, but I hope we can address at least the following three issues:

  1. The deletion of proposed Article 3b seriously adversely affects out of court appointment proceedings, in that they would risk not being recognised in other member states.
  2. A coordinating office holder for groups adds an unnecessary layer of costs and it seems wrong that such a coordinator is not responsible to all the creditors of the group companies.
  3. Member States should nominate procedures for inclusion in Annex A. It would be detrimental for Schemes of Arrangement and Debt Relief Orders to be brought automatically within the Regulation.

 

 

Date: 25th September, 2013
Author: Chris Laughton

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