Publication details
COVID-19 Influences on Insolvency Proceeding Openings - Threat to Legitimate Expectation of International Jurisdiction?
| Authors | |
|---|---|
| Year of publication | 2020 |
| Type | Article in Proceedings |
| Conference | Law In Business of Selected Member States of the European Union |
| MU Faculty or unit | |
| Citation | |
| Web | Open access sborníku |
| Keywords | COVID-19; COMI; cross-border insolvency; Insolvency Regulation; forum shopping; protective measures |
| Description | While the issue of Centre of Main Interest (“COMI”) in international insolvency proceedings remains heavily discusses, its former ambiguity has been thoroughly dealt with by case law of either Member State courts or Court of Justice of the European Union. Systematic harmonisation of opening of insolvency proceedings, in line with preferential status of Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings (“Insolvency Regulation”), has been devoured by recent occurrence of pandemic COVID-19. Such unprecedented state of emergency has, among other, brought unforeseen alterations to standard insolvency proceedings in form of society-wide moratoriums. Albeit Insolvency Regulation applies in all EU Member States with the same effect, measures taken in connection with pandemic state apply territorially in each Member State, thus hampering the harmonisation. Particularly, COMI finding might be under attack as well as arguable pursuits to evade protective measures in debtor’s seated country |