BusinessBusiness RecoveryInsolvency 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.

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