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5 Recognition and Enforcement

Reinhard Bork

From: European Cross-Border Insolvency Law (2nd Edition)

Reinhard Bork, Renato Mangano

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 22 May 2024

Banks and cross-border issues — Bank resolution and insolvency

This chapter explores the recognition of judgements rendered within the course of insolvency proceedings constitutes one of the fundamental principles of the EIR. Recognition is based on mutual trust, which is also crucial regarding the maintenance of the universality of insolvency proceedings. Recognition also affects foreign judgments, while public policy exceptions are the grounds for refusing recognition. Additionally, the chapter tackles recognition as a cross-border legal problem. It clarifies how the object of recognition is primarily focused on individual court decisions instead of insolvency proceedings themselves. On the other hand, the EIR uses the extension model which ensures the universality of insolvency proceedings.

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