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Insolvency Proceedings facing the companies group phenomenon

Publié le : 30/09/2008 30 septembre sept. 09 2008
Entreprises / Contentieux / Entreprises en difficultés / procédures collectives

Since it came into force more than five years ago, the interpretation of Council Regulation (EC) no. 1346/2000 of May 29, 2000 on insolvency proceedings has been controversial.

Insolvency Proceedings: Regulation no 1346/2000Since it came into force more than five years ago, the interpretation of Council Regulation (EC) no. 1346/2000 of May 29, 2000 on insolvency proceedings has been controversial.

In particular, discussion has focused on the famous term ‘centre of main interests’ – COMI – which determines the court with jurisdiction to open main insolvency proceedings and the law applicable to such proceedings. Finally, most of the cross-border insolvencies falling within the scope of the Regulation involve groups of companies, a phenomenon that needs to be addressed. Unfortunately, the Regulation does not deal with this topic.

The authors agree that following the Eurofood decision of the E.C.J dated May 2, 2006 and the judgments handed down by the Commercial Court of Paris. in the famous Eurotunnel case date August, 2,2006, the application of the Regulation on groups of companies has become an established fact.

Therefore, the discussion should focus on the actual modalities of such application.

Several points will be discussed in this study:

1°) the consequences of the application of the Regulation to groups of companies;

2°) the problems of migration;

3°) the changes that need to be made to ensure that the application of the Regulation is as consistent as possible in relation to groups of companies;

4°) the advantages of the combination of main and secondary proceedings;

5°) the cooperation between liquidators and judges and, finally,

6°) the new opportunities for creditors under the Regulation.


Les auteurs de cet articleCet article a été rédigé par Michel Menjucq, Professeur à l’Université Paris I-Panthéon-Sorbonne, Member of Lexia Law firm
Et,
Reinhard Dammann, White & Case, Avocat au Barreau de Paris, Chargé de cours à Sciences Po Paris.





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