Industry News Sponsored by

Statement on Russia’s invasion of Ukraine

In the early morning of 24 February 2022, Russia’s president Vladimir Putin declared war on Ukraine. Russian armed forces were deployed into Ukraine to seize control of the territory of a sovereign…

Decision Phase for the New EU Initiative: Format, Content and Progress

The final scheduled meeting of the EC Experts’ Group on Restructuring and Insolvency took place online on 28 January 2022. In the lead up to the last two meetings that preceded this event, taking place…

Judicial Wing’s 6th Publication Launched

We are very pleased to announce the launch of the sixth volume in a series of publications by INSOL Europe’s Judicial Wing titled “COVID-19: Which practical measures adapted by the insolvency courts…

Richard Turon Award Winner 2021 Announced: Abbas Abbasov

The Richard Turton Award Panel is pleased to announce that the 2021 winner is Abbas Abbasov from Azerbaijan. Abbas is currently a PhD student at the Martin-Luther-Universität Halle-Wittenberg, in Germany,…

News

Joint project between LexisPSL and INSOL Europe on the recognition of foreign decisions in different EU countries - report published
Apart from the European Insolvency Regulations applicable only between EU Member States, a few international instruments deal with the recognition issue relating to insolvency (and insolvency-related) judgments. Those international instruments, namely the UNCITRAL Model law (for those Member States which have enacted it), the Hague Convention or EU Rome I Regulation, may also be complemented by other specific private international rules. For third countries and the UK (as a consequence of Brexit), a great uncertainty remains therefore in terms of providing the necessary authority for the recognition of such judgments. The Joint project between LexisPSL and INSOL Europe on the recognition of foreign decisions in the 27 EU countries has been designed to address those situations and provide the readers with a description of each national recognition process applicable to those judgments.

As an added value, the proposal had been made by LexisPSL (UK) to make the exercise more concrete than a mere description of national provisions within the scope of this project. That is why the project contains the national provisions which would apply with regard to the recognition of proceedings commenced in the UK in respect of an English Part 26 scheme of arrangement or Part 26A restructuring plan (or the reasons why such recognition would be excluded). Indeed, this project includes restructuring proceedings and/or judgments commencing insolvency proceedings while international texts may exclude them from their scope of application.

This document was prepared by a team drawn from the INSOL Europe Country coordinators with the assistance of INSOL Europe members or other local experts where necessary to complete this valuable research project. Readers will find individuals answers of the contributors from the 27 EU countries but also a table summarising their findings which is reproduced in Appendix I of the publication. We hope that this publication will achieve its aim, namely to ensure that a proper consideration should be given to providing information for all professionals interested in questions arising under the International Private Law of Insolvency.

Download the final publication here. We wish you an insightful reading!