Current Issues in European Financial and Insolvency Law: by Wolf-Georg Ringe, Louise Gullifer, Philippe Théry

By Wolf-Georg Ringe, Louise Gullifer, Philippe Théry

Contemporary case-law and laws in eu corporation and insolvency legislation have considerably furthered the mixing of eu enterprise law. particularly, the case-law of the ecu court docket of Justice and the advent of the european Insolvency rules have supplied the stimulus for present reforms in a number of jurisdictions within the fields of insolvency and monetary legislations. the united kingdom, for example, has followed the company Act in 2002, designed, inter alia, to augment company and to reinforce the UK's method of financial disaster and company rescue. In an analogous vein, fresh reform in France has modernized French insolvency legislations and has even brought a device just like the winning English 'company voluntary association' (CVA). This e-book presents a set of reviews by means of the various prime English and French specialists at the present time, interpreting present views of insolvency and fiscal legislations in Europe, either at the nationwide point in addition to at the ecu point.

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By Wolf-Georg Ringe, Louise Gullifer, Philippe Théry

Contemporary case-law and laws in eu corporation and insolvency legislation have considerably furthered the mixing of eu enterprise law. particularly, the case-law of the ecu court docket of Justice and the advent of the european Insolvency rules have supplied the stimulus for present reforms in a number of jurisdictions within the fields of insolvency and monetary legislations. the united kingdom, for example, has followed the company Act in 2002, designed, inter alia, to augment company and to reinforce the UK's method of financial disaster and company rescue. In an analogous vein, fresh reform in France has modernized French insolvency legislations and has even brought a device just like the winning English 'company voluntary association' (CVA). This e-book presents a set of reviews by means of the various prime English and French specialists at the present time, interpreting present views of insolvency and fiscal legislations in Europe, either at the nationwide point in addition to at the ecu point.

Show description

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Additional info for Current Issues in European Financial and Insolvency Law: Perspectives from France and the UK (Studies of the Oxford Institute of European and Comparative Law)

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126 120 Many of these points were made at a seminar held by the Insolvency Service on 17 February 2005 about the implications of Buchler. 121 HL Parliamentary Debates vol 675 pt 54 at column WS28 (3 November 2005) (Lord Sainsbury of Turville). 122 Insolvency Practices Council, Annual Report 2005; City of London Law Society Insolvency Law Committee report 13 March 2006. 123 See text above at n 67. 124 This is a particular problem in whole-business securitisations, where there are likely to be tax or other outside liabilities.

66 This will not prevent the appointment of an administrator, but could enable a chargee to protect the assets pending administration and even (if the statutory limitations on the receiver’s power of sale have been extended or replaced in the charge agreement) sell the charged assets before an administrator is appointed. 68 What have been the effects of the Enterprise Act reforms so far? It is too early to come to any conclusions, but some preliminary studies have arrived at some tentative views.

The provisions relating to the calling of meetings and voting are designed to ensure that those who have most to lose have a voice in the insolvency proceedings; see J Armour and R Mokal, ‘Reforming the Governance of Corporate Rescue: The Enterprise Act 2002’ [2004] Lloyd’s Maritime & Commercial Law Quarterly 28. 62 Eg Council Regulation (EC) 1346/2000 on Insolvency Proceedings [2000] OJ L160/1. 3. 64 Department of Trade and Industry statistics. pdf, accessed 9 July 2008, 16. The reason suggested is that unless the bank (holder of the floating charge) is under-secured, or there are obvious tax advantages, banks prefer to be seen to favour corporate rescue, and often encourage directors to make the appointment of the administrator themselves.

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