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Blog 2006


This week, more specifically October 17, 2006, Chapter 15 of the U.S. Bankruptcy Code is one year in force. In the last twelve months some 30 cases have been decided under the UNCITRAL Model Law inspired regime of Chapter 15. Cases involve jurisdictions such as Bermuda, Canada, the Cayman Islands, England, France, Germany, Hong Kong, Japan, Korea, Russia (Yukos) and the Netherlands (Vekoma). Quite a remarkable case is the one decided by the U.S. Bankruptcy Court Southern District of New York (Judge Drain), dated September 6, 2006, in re SPhinX Ltd, et al. Altogether 23 debtors, called collectively the SPhinX Funds, a hedge fund, were engaged in voluntary wind-up proceedings under supervision of the Grand Court of the Cayman Islands. The Joint Official Liquidators sought recognition in the U.S. for the proceedings as a foreign main proceeding, but the court declined to so. Several aspects of the courts’ reasoning deserve attention.2006-10-doc9 SPhinX.pdf Sphinx MEMORANDUM Decision Deny Main Proc Sept 6 2006.pdf Sphinx Order Grantin Recognition Sept 6 2006.pdf


An Italian lawyer was unaware of certain formalities regarding lodging a claim in German (main) insolvency proceedings. Are there any? Under the application of the EU Insolvency Regulation, information for creditors regarding the opening of proceedings for their debtor’s insolvency and the lodging of claims, is to be given by an individual notice in the official language or one of the official languages of the State of the opening of proceedings. In order to help those creditors, who do not understand the language of the State in which proceedings are opened, the form of the information notice has to be headed: ‘Invitation to lodge a claim. Time limits to be observed’. In order to help courts and liquidators to comply with these requirements, a form has been drawn up by the European Commission to be used for this purpose or to serve as a model. The model in English and in Dutch follow.Model Invitation.pdf Model Oproep tot indiening.pdf Creditors from other States are allowed to lodge claims in an official language of the State in which they have their habitual residence, domicile or registered office. However, their written statement must, according to art. 42(2) InsReg, be headed ‘Lodgement of claim’ in a language of a State in which proceedings are opened. Use of the creditor’s language is the rule, although a translation into the official language may be required in the course of the proceedings. There are also specific conditions on the content of the lodgement of claim as well as on supporting documents. In view of facilitating the exercise of foreign creditors' rights in such proceedings, a form has been drawn up by the European Commission to be used for this purpose or to serve as a model. The model in English and Dutch follow.Model Lodgement.pdf Model Indiening.pdf


The EU Insolvency Regulation is applicable to insolvency proceedings and ‘liquidators’ mentioned in the Annexes A, B and C. Member States themselves are not allowed to make any changes to the Annexes but must submit requests to the EC Council. New or renewed proceedings in Annex A or B should be in line with the definitions provided in Article 1(1), 2(a) or 2(c) respectively. The Council is only allowed to amend the Annexes if acting by qualified majority on the initiative of one of its Members or on a proposal by the Commission. In April 2005, the Annexes A, B and C to the Insolvency Regulation have been amended, and in May 2006 a regulation has been published, containing consolidated versions of the Annexes with its latest amendments. In English and in Dutch.OJ EU InsRegMay06.pdf OJ EU InsVoMei06.pdf

2006-10-doc8 Advies Commissie insolventierecht: stand van zaken.

[ADVICE COMMITTEE INSOLVENCY LAW: THE PRESENT STATE OF AFFAIRS] De door de minister van Justitie ingestelde commissie insolventierecht heeft advies uitgebracht over een wetsvoorstel tot de integrale herziening van het insolventierecht. Een kabinetsstandpunt over dat advies zal moeten worden voorbereid', aldus een passage in de Justitiebegroting (TK, vergaderjaar 2006-2007, 30 800 hoofdstuk VI, nr. 2, p. 33). Ik heb gemerkt dat het geciteerde verwarring oproept: is het voorstel voor een wetsvoorstel voor een nieuwe Insolventiewet, die de Faillissementswet uit 1896 zou moeten gaan vervangen, er al? Neen, het is er (nog) niet. De genoemde commissie is in april 2003 ingesteld. Instellingsbesluit in Stcrt.pdf Het is alom bekend dat zij voortvarend aan een voorstel werkt. Omdat van diverse zijden met belangstelling wordt uitgekeken naar de resultaten van haar werk kwam het de Commissie juist voor de minister door middel van een brief van 29 juni 2006 nader te informeren over de inhoud van het voorontwerp. De commissie spreekt de verwachting uit dat het voorontwerp na de zomer aan de minister kan worden aangeboden.Advies Commissie Insolventierecht 29 juni 2006.pdf



The Directors of the International Insolvency Institute have authorized the III Prize in International Insolvency Studies to be continued in 2007. It is the third year that the prize will be awarded. The 2007 III Prize is awarded for original research, commentary or analysis on topics of international insolvency and restructuring significance or international comparative analysis of domestic insolvency and restructuring topics. The competition for the award is open to full and part-time undergraduate and graduate students, academics and practitioners, in practice for less than five years. With this Prize the Board of the Institute wishes to articulate its aim to stimulate academic or practical research in the aforementioned fields. See for the terms and conditions the attachment.Prize - III Leaflet 2007.pdf