Centre for the Study of European Contract Law

EC study on Save Companies, Collection and development of best practices in cross border cases for the survival of distressed companies

EC grant agreement No JUST/2014/JCOO/AG/CIVI/7693

Prof. Aukje van Hoek and Prof. Arthur Salomons participate as legal experts in the EC study on Save Companies, Collection and development of best practices in cross border cases for the survival of distressed companies. The 2-year project is coordinated by the Università degli Studi di Genova and starts on 1 February 2016.

Project summary

Objectives

Following a practical comparative international methodology, the goal of the Project is to collect and exchange best practices in the field of insolvency and preinsolvency crossborder proceedings, so to help office holders in insolvency proceedings to better coordinate and implement international cooperation, thus enhancing management of multiple proceedings, reoganization of companies and the protection of creditors and interests of stakeholders.

First of all, the Project aims at collecting best practices, rules of PIL and case law in insolvency and preinsolvency crossborder proceedings at the domestic level, so to disseminate these first results. Moreover, the Project aims to compare the domestic best practices (either already followed in the MSs involved in the research, or suggested by the Partners) so as to possibily develop and exchange best practices which might be of use in crossborder proceedings.

Activities

  1. Identification of areas of insolvency and preinsolvency crossborder proceedings where best practices could enhance the possibility to save distressed companies, enhance protection of crossborder creditors and stakeholders.
  2. Involvement of practitioners to help identify problematic issues and already developed best practices.
  3. Collection of relevant domestic and supranational provisions and case law.
  4. Collection of relevant domestic best practices.
  5. Exchange of best practices.
  6. Comparison of best practices and possible proposal of crossborder best practices.
  7. Exchange of crossborder best practices.

Type and number of persons benefiting from the project

Types

  • EU insolvency and preinsolvecny office holders (accauntants, lawyers, judges, notaries), who will directly benefit from the enhanced crossborder cooperation;
  • Companies, who will benefit from the enhanced cooperation in terms of better reorganization, quicker recovery;
  • Creditors and stakeholders, who will benefit of the enhanced cooperation in terms of quicker recovery of their credit.

Numbers

  • Beneficiaries of the webpage and database are potentially all persons with an interest in crossborder insolvency
  • Beneficiaries of domestic best practices exchange conferences, in total 80
  • Beneficiaries of the international crossborder best practices exchange conference, 100 persons (notaries, lawyers, holders ofinsolvency offices, academics)
  • Beneficiaries of the guidelines, 100 persons receiving the hardcopy, whilst potentially all interested persons will be able to download the book.

Expected results

Following the data collection, its survey, and the exchange of crossborder good practices, the expected results are:

  1. More efficient crossborder cooperation in insolvency and preinsolvency proceedings;
  2. Promotion of a sound adiministration of justice in crossborder proceedings;
  3. Enhanced possibility to save crossborder companies in distress;
  4. Enhanced protection of crossborder creditors and stakeholders of crossborder companies.

Type and number of outputs to be produced

  1. Internet web page to spread knowledge of the Project, its activities and disseminate its results (1)
  2. Questionnaire (1)
  3. Report on the questionnaire (1)
  4. Database of case law (1);
  5. Domestic best practices exchange conferences (5);
  6. National reports collecting best practices (8);
  7. International crossborder best practices exchange conference (1);
  8. Guidelines on crossborder best practices in insolvency and preinsolvency proceedings (ebook, available online n. 1, in English, and 100 hardcopies to be given to attendees of the international conference).

Published by  CSECL

11 July 2016