Harmonisation of European Insolvency Law and the Need to Tackle Two Common Problems: Common Pool and Anticommons

Author:

Weijs Rolef J.1

Affiliation:

1. University of Amsterdam; Amsterdam Office of Houthoff Buruma; The Netherlands

Publisher

Wiley

Subject

Law,Finance

Reference71 articles.

1. INSOL Europe Harmonisation of Insolvency Law at EU level 2010 http://www.insol-europe.org/eu-research/ European Company Law

2. The Report provides the following conclusion Topics that are apt for such harmonisation and for which harmonisation is also important are the following i) the rules on the opening of insolvency proceedings including the eligibility of the debtor; ii) the rules on the filing and verification of claims; iii) the rules on the responsibility for the proposal, verification, adoption, modification and contents of reorganization plans; iv) the rules on the voidness, voidability and unenforceability of detrimental acts; v) the rules on the termination of contracts and rules on the mandatory performance under contracts; and vi) the rules on the liabilities of directors, shadow directors, shareholders, lenders and other parties involved with the debtor. vi) Furthermore, rules on the insolvency of groups of companies should be developed. vii) Finally, it is desirable that a central database containing relevant court orders and judgments is made available

3. T.H. Jackson Bankruptcy, non-bankruptcy entitlements, and the creditors' bargain Yale Law Review 1982 University of Chicago Law Review Vanderbilt Law Review The Logic and Limits of Bankruptcy Law Corporate Insolvency Law

4. Jackson The Logic and Limits of Bankruptcy Law To the extent that a non-piecemeal collective process (whether in the form a liquidation or reorganization) is likely to increase the aggregate value of the pool of assets, its substitution for individual remedies would be advantageous to the creditors as a group. This is derived from the commonplace notion: that a collection of assets is sometimes more valuable than the same assets would be if spread to the winds. It is often referred to as the surplus of a going-concern value over a liquidation value

5. UNCITRAL Legislative Guide on Insolvency Law pari passu (..) and that it requires all like creditors to receive the same treatment

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