Regional news: European Union

Think tank calls for EU legislation on recognition of restructurings

European insolvency law think tank CERIL has called on the European Commission to adopt a special cross-border cooperation and recognition framework for restructuring proceedings, arguing that the recast European Insolvency and Brussels Regulations are inadequate.

25 July 2022

EU court rejects Ryanair challenge against Condor state aid

Ireland’s Ryanair has lost its challenge to the German government’s bailout of Frankfurt-headquartered airline Condor after the collapse of its parent Thomas Cook.

20 May 2022

EU court ruling heralds potential revival of Dutch pre-packs

Dutch lawyers have hailed the potential revival of pre-packs in the Netherlands, after the European Court of Justice ruled that exceptions to employee protections afforded to companies in insolvency proceedings under EU law, can extend to pre-pack sales in certain circumstances.

29 April 2022

Jersey company can be wound up in England, High Court rules

Setting out the post-Brexit application of the EU Insolvency Regulation, the High Court in London has ruled that a Jersey-registered company can be wound up in England.

31 August 2021

IWIRC London/Europe: recognition of insolvency and restructuring procedures post-Brexit

Recognition of UK insolvency and restructuring procedures in the EU post-Brexit could be “complex, piecemeal and uncertain”, according to panellists at a virtual event jointly organised by IWIRC’s Europe and London networks.

10 June 2021

Gazprombank challenges DTEK’s English schemes

The Swiss branch of Russia’s Gazprombank has told an English court that one of Ukrainian coal miner DTEK’s English schemes does not have a “real prospect” of being recognised in key foreign jurisdictions following Brexit.

13 May 2021

Recognition considerations after Brexit: Rome Regulation offers hope after UK’s Lugano blow

RPC’s Paul Bagon, Will Beck and Kate Watson consider the alternative avenues for recognition of schemes in the EU following a setback in the UK’s bid to join the Lugano Convention – and discuss the broader landscape for international recognition of insolvency proceedings after Brexit.

11 May 2021

Third party payments subject to contract’s governing law not insolvency rules, CJEU says

A shipping company’s German liquidator has failed to recover payment of an affiliate’s Dutch law debt, after an EU court found that third party payments are subject to the governing law of their contract rather than insolvency proceedings.

23 April 2021

New jurisdictional framework for actions "closely linked" to EU insolvencies

To help avoid time-consuming and costly jurisdictional disputes, the European insolvency law thinktank CERIL has created a framework for EU practitioners and courts to identify the kinds of actions that qualify “as deriving directly from insolvency proceedings” under Article 6(1) of the recast European Insolvency Regulation.

16 April 2021

Hard Brexit for UK insolvencies

After over four years of negotiations, the UK and the European Union last week signed a trade agreement to help govern their future relationship – but lawyers have voiced concerns about the complete absence of insolvency cooperation provisions.

06 January 2021

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