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
The ECJ rejected this approach finding it clashes with EU regulation
EC1346/2000 on insolvency proceedings.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies