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The Nordic-Baltic Insolvency Network was established in 2010. The network contains five EU Member States (Sweden, Finland, Estonia, Latvia and Lithuania) and two other countries: Norway and Denmark. The main reason for its establishment was the financial crisis that the Baltic States had endured. It revealed that there were considerable differences not only between these countries’ insolvency systems, but also… Read More »2016-02-doc6 Nordic-Baltic Recommendations on Insolvency Law

‘Harmonization is a euphemism for forcing commercially less important countries to adopt the remedies and priorities of the commercially more important countries’, asserts Lynn LoPucki in one of his challenging publications (see Lynn M. LoPucki, Global and Out of Control?, in: 79 American Bankruptcy Law Journal 2005, 79ff.). Although the author claims ‘global’ application for his quote, he clearly misunderstands… Read More »2016-01-doc5 To harmonise or not to harmonise insolvency laws in the EU: is that a question?

V&D gift cards, will its holders be left in the cold? On the last day of 2015 the District court of Amsterdam opened bankruptcy proceedings (‘faillissement’) against the Dutch retailer Vroom & Dreesmann (V&D). V&D is the largest and most historic Dutch department store chain, which entered the Dutch market in 1887 with a store in Amsterdam. It now has… Read More »2016-01-doc2 Gift cards and insolvent retailers

Courts and Computers, A Cosy Couple? Already on 26 June 2016 Article 86 of the EU Insolvency Regulation (EIR Recast), on information on insolvency laws, will apply. The EIR Recast itself will enter into force 26 June 2017. Article 86 (‘Information on national and Union insolvency law’) however is a forerunner. It will apply from 26 June 2016. What does… Read More »2015-12-14 Art. 86 EIR Recast will apply per 26 June 2016

The treatment of shareholders in the insolvency of companies is a current research project co-led by the Bank of Italy and the World Bank. Research areas are (1) Shareholders’ Liability for the Distress of the Company, (2) Shareholders’ Powers over the Management During Insolvency Proceedings, and (3) The Treatment of Shareholders in Reorganization Procedures. The initiative for this reseach was… Read More »2015-12-doc13 Shareholders and their position in insolvency

The numbers say that over 10,000 English limited companies (Ltd’s) operate in Germany. The company director is registered in the Companies register in England, but with a branch active in Germany, which is reistered in German company registers. On 10 December 2015 the Court of Justice of the European Union decided on the question whether the liability of the director… Read More »2015-12-doc11 CJEU 10 December 2015, C-594/14 (Kornhaas v Dithmar)