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2024-05-doc2 Re-Examining Insolvency Law and Theory

Re-examining Insolvency Law and Theory. Perspectives for the 21st Century Four decades ago, looking at insolvency acts in many countries, its core was related to formal (procedural) proceedings, focussing on assets and on liquidation, managed by ‘liquidators’ (IPs) all full-blown controlled by courts. Especially during the last two decades, however, the paradigm has shifted: less formal (quasi-contractual) procedures, focussing on… Read More »2024-05-doc2 Re-Examining Insolvency Law and Theory

2024-04-doc3 The US-approved Mercon protocol and the Dutch courts / Part One

Mercon Coffee Corporation and some of its international subsidiaries entered Chapter 11 in New York in December 2023, while its Netherlands-registered arm Mercon BV, the parent to some of the group debtors, launched WHOA proceedings in Amsterdam. With the New York court, Mercon drafted up a protocol based on the JIN Guidelines with some special provisions applicable to the case,… Read More »2024-04-doc3 The US-approved Mercon protocol and the Dutch courts / Part One

2024-04-doc2 Are the Dutch following the Model Law? Or: does the snail move?

In the Netherlands, in a letter dated April 15, 2024 to the House of Representatives, Minister of Legal Protection Mr Weerwind (in outgoing /’demissionair’) addresses ‘Developments in insolvency law’. The ‘recalibration’ program (see https://bobwessels.nl/blog/2019-07-doc1-insolvency-legislative-developments-in-the-netherlands/) has ended, but for Dutch national insolvency several other themes need to be further investigated. The minister indicates that the ‘coming period’ (my impression from the… Read More »2024-04-doc2 Are the Dutch following the Model Law? Or: does the snail move?

2024-04-doc1 Assignment of claims, subrogation and set-off

My colleague from the University of Bari Aldo Moro, prof. Antonio Leandro, wrote a book (in Italian) under the title ‘Movement and Extinction of Commercial Credits in Conflicts of law of the EU. The ‘Rome I’ Regulation between the Internal Market and the Capital Market.’ It is a complex topic, not often addressed in depth. Reason enough to ask Antonio… Read More »2024-04-doc1 Assignment of claims, subrogation and set-off

2024-02-doc2 EU embraces digitisation of national legal systems

Ensuring smoother electronic communication in cross-border judicial cooperation in civil, commercial and criminal matters is the aim of a recently-published regulation on the digitalisation of cross-border judicial cooperation and access to justice: Regulation (EU) 2023/2844. Among other things, the new regulation amends the EU’s Insolvency Regulation (EIR 2015). Published at the end of 2023, the Regulation 2023/2844 (with its accompanying… Read More »2024-02-doc2 EU embraces digitisation of national legal systems

2024-02-doc1 Where is EU Insolvency Law heading in 2024?

In Europe, the availability of the EU Insolvency Regulation (Recast) (EIR 2015) serves as a solid rock in EU-related cross-border insolvency matters. The last five years, case law has been rather scarce. But in international insolvency practice the Regulation plays its role as tool to include when weighing options to arrive at pragmatic solutions. A first step in harmonising substantive… Read More »2024-02-doc1 Where is EU Insolvency Law heading in 2024?

2023-12-doc1 The Dutch WHOA scheme as a successful tool in international restructurings

A Dutch court’s approval of Diebold Nixdorf Dutch Holding BV’s WHOA scheme recently allowed it to achieve and implement a parallel restructuring plan in the United States. On 7 August, the US Bankruptcy Court for the Southern District of Texas ordered the recognition and enforcement of Diebold Nixdorf Dutch Holding BV’s WHOA agreement, marking the first time a foreign judge… Read More »2023-12-doc1 The Dutch WHOA scheme as a successful tool in international restructurings

2023-11-doc1 Sovereign Wealth Fund shares – Immune from execution?

Under international law, a presumption of immunity applies to goods of a foreign state, which makes them untouchable by seizure. This rule has an exception in the event it has been established that the goods in question are being used by the foreign state, or are intended to be used, for purposes other than public ones. It is up to… Read More »2023-11-doc1 Sovereign Wealth Fund shares – Immune from execution?