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Regulation no 1346/2000 on Insolvency Proceedings

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

Regulation no 1346/2000 on Insolvency Proceedings

Publié le 30/09/2008 - 52 lecteurs

The Regulation (EC) no. 1346/2000 of May 29, 2000 was conceived in the sixties.

Insolvency proceedings and the groups of companiesIt is based on the text of a draft treaty of 1995 which was the fruit of a difficult compromise but which never entered into force because the United Kingdom refused to ratify it.

At the time of the genesis of the Regulation the location of the registered office was stable and corresponded to the place where the headquarters and the main activities of the company were located. Consequently, save in exceptional circumstances, the COMI of a company was always located at the place of its registered office.

In order to efficiently address the insolvency of groups of companies, a vast majority of European jurisdictions have adopted a rather wide interpretation of Article 3(1) of the Regulation, judging that the COMI of each entity of the group can be located at the registered office of the controlling (parent) company.

Therefore, the discussion should focus on the actual modalities of such application. Several points will be discussed in this study:

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

II°) 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;

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

IV°) and, finally, the cooperation between liquidators and judges.



Michel MENJUCQ

Cet article n'engage que son auteur.
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