Insolvency proceedings clarified by ECJ

Insolvency proceedings clarified by ECJ

Bankruptcy cases cannot be transferred within EU, ECJ rules

Insolvent businesses within the European Union may not transfer bankruptcy
cases to a different member state, simply by the owner moving from their home
country, the ECJ has ruled.

Its EU-wide precedent followed a case involving a German businesswoman who
closed a telecommunications business, and then launched insolvency proceedings
regarding her assets after moving to Spain.

The local court refused, claiming there were no assets to consider and when
she appealed a higher court refused the case, saying German courts had no
jurisdiction.

The ECJ rejected this approach finding it clashes with EU regulation
EC1346/2000 on insolvency proceedings.

Related Articles

Carillion CFO blew whistle over 'sloppy accounting' months before collapse

Business Recovery Carillion CFO blew whistle over 'sloppy accounting' months before collapse

5m Alia Shoaib, Reporter
Toys R Us UK and Maplin enter into administration after failing to secure buyers

Business Recovery Toys R Us UK and Maplin enter into administration after failing to secure buyers

5m Alia Shoaib, Reporter
How to avoid a Carillion collapse

Business Recovery How to avoid a Carillion collapse

6m Russell-Cooke
Carillion collapse: The week so far and industry reaction

Business Recovery Carillion collapse: The week so far and industry reaction

6m Emma Smith, Managing Editor
Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

Business Recovery Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

6m Emma Smith, Managing Editor
Carillion: PwC appointed as special managers – what happens now?

Business Recovery Carillion: PwC appointed as special managers – what happens now?

6m Emma Smith, Managing Editor
Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

7m Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

7m Emma Smith, Managing Editor