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Welcome /  Links /  CoCo Guidelines 2.0 on its way

CoCo Guidelines 2.0 on its way

The European Guidelines on Communication and Cooperation Guidelines 2007 (also CoCo Guidelines) provide non-binding rules for, inter alia, direct access by an insolvency practitioner to a foreign court, the duty of practitioners to communicate and the coordination of sales and cross-border rescues. It also annexes a Draft Protocol for use in cross-border cases. These Guidelines were endorsed by INSOL Europe at the Monaco Conference in 2007. See for the text, http://www.bobwessels.nl/blog/2016-08-doc2-full-text-coco-guidelines/. Its terms have been considered in cases such as BenQ Holding, Automold, Pin AG, Landsbanki-Icesave, Kaupthing and in the cases of Lehman Brothers Holdings (where the global protocol made express mention of the text) and Nortel Network, see http://www.bobwessels.nl/blog/2015-05-doc5-coco-guidelines-apply-to-nortel-networks-coordination-protocol/. A proposal to review the Guidelines recently came from the Conference of European Restructuring and Insolvency Law (CERIL), see www.ceril.eu. In a pioneering cooperation with INSOL Europe, a Joint Working Group has been set up to review the Guidelines in light of recent practice, led by Tomáš Richter (Linklaters LLP/Charles University) and Paul Omar (INSOL Europe), assisted by representatives of academia, judiciary and practice belonging to both organisations. The scope of the review will focus on the duty to cooperate and communicate in Articles 41, 43, 56 and 58 of the Recast EIR, which operate in the single debtor and group contexts. In November 2017, the Working Group has begun work, the intention being to present a working draft of second generation Guidelines at Athens in 2018. It is a great pleasure to notice that INSOL Europe joined the initiative to develop CoCo Guidelines II (CoCo 2.0!). Further information: Caroline Taylor - carolinetaylor@insol-europe.org.