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The 4th Joint Fraud Conference triumphs again in London

The fourth annual Fraud Conference took place on 29 February, welcoming 160 delegates to the Royal College of Physicians in London. A collaboration between INSOL Europe’s Anti-Fraud Forum, the Fraud…

Update from the 63rd Session of UNCITRAL Working Group V, Vienna, December 2023

The 63rd session of the Working Group was held from 11–15 December 2023 in Vienna. INSOL Europe was represented by Past President Frank Tschentscher and Florian Bruder (Council Member, Germany). Members…

New EU Proposal for a Directive Harmonising Certain Aspects of Insolvency Law (COM(2022) 702 Final))

On 7 December 2022, the European Commission proposed new measures to further develop the EU’s Capital Markets Union (CMU), including a proposal for a Directive harmonising certain aspects of Insolvency…

Resilience in the face of Adversity – Dubrovnik Congress Report

INSOL Europe's second 'Annual Congress' of the year took place in its usual Autumn slot at the Rixos Hotel in Dubrovnik from 6-9 October with over 360 delegates in attendance, report Myriam Mailly and Paul…

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CERIL Report and Statement Published

Initiated and chaired by Prof. Stephan Madaus (Martin Luther University, Germany) and Prof. em. Bob Wessels (Leiden University, the Netherlands), a CERIL Working Party conducted a survey on issues of international jurisdiction for individual legal cross-border actions that ‘derive directly from public collective insolvency proceedings and are closely linked with them’. To resolve uncertainty on these actions, conveniently called ‘annex actions’, CERIL proposes a concise reference work to classify and distinguish between annex actions and non-annex actions.
 
In summary, the study found three types of annex action:
 
    (a) clear annex actions,
    (b) clear non-annex actions and
    (c) actions with relevant uncertainty about their classification.
 
The Report sets out in detail the categorisation in (a) and (b). Furthermore, the Report gives ample thought to the last category, under (c). This includes (i) actions brought by the insolvency practitioner in relation to the assumption or the termination of executory contracts, (ii) actions brought by an unsecured creditor against the debtor, also referred to as ‘action seeking a declaratory relief’, (iii) actions brought by secured creditors, (iv) actions concerning the return of property held by the debtor, and (v) action brought by the reinstated debtor after the termination of insolvency proceedings.
 
As a consequence, to overcome the existing level of uncertainty with time-consuming and costly disputes in civil proceedings, especially their characterisation as ‘annex action’, CERIL encourages litigators and courts to use the concise reference work as set out in its Report.
 
The CERIL Statement and Report 2020-1 can be downloaded here.