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European Insolvency Regulation: Secondary Liquidators’ Obligations to Creditors

A secondary liquidator has to tell all the debtor's creditors about the secondary proceedings and must pass to the main liquidator details of any creditors the main liquidator may not know about, so that the main liquidator can notify them of the main proceedings. For example, a Hungarian liquidator (appointed in territorial proceedings) learns that a German liquidator has previously been appointed in main proceedings. The Hungarian liquidator must inform all creditors in Hungary and elsewhere of the secondary Hungarian proceedings and moreover he or she must provide all creditors

 

 

Date: 18th November, 2006
Author: Chris Laughton

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