Insolvent Groups of Companies in the European Union: Objectives of Establishing Group Coordination Proceedings

Noémi Suri

doi:10.46282/blr.2020.4.2.179

Authors

Noémi Suri Pázmány Péter Catholic University, Faculty of Law and Political Sciences https://orcid.org/0000-0003-1074-3783

DOI:

https://doi.org/10.46282/blr.2020.4.2.179

Keywords:

Insolvency proceedings of members of a group of companies, the legal status of the group of companies, the coordinator, the right of opt-out and opt-in, multilateral coordination mechanisms, commercial law, EU law, Hungary

Abstract

Before 26 June 2017, there was no single universal regulation governing the treatment of insolvency cases concerning groups of companies or certain members of a group in the European Union. The Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings defines the effective execution of insolvency proceedings at the different group members involved as the general objective of the legal source. The aim of my paper is to review the detailed rules of group coordination proceedings, during which I focus on the request for opening group coordination proceedings, on the possibility of defining which court has jurisdiction, on the review of the opt-out and opt-in rights related to group coordination proceedings and on the presentation of the powers assigned to the coordinator.Before 26 June 2017, there was no single universal regulation governing the treatment of insolvency cases concerning groups of companies or certain members of a group in the European Union. The Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings defines the effective execution of insolvency proceedings at the different group members involved as the general objective of the legal source. The aim of my paper is to review the detailed rules of group coordination proceedings, during which I focus on the request for opening group coordination proceedings, on the possibility of defining which court has jurisdiction, on the review of the opt-out and opt-in rights related to group coordination proceedings and on the presentation of the powers assigned to the coordinator.

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