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6 Legal Status, Information, and Cooperation between Participants

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: 15 April 2024

Banks and cross-border issues — Bank resolution and insolvency — Debt

This chapter discusses legal status, information, and cooperation between participants involved in insolvency proceedings. The insolvency practitioner is in charge of carrying out the procedure and the debtor’s creditors. Additionally, insolvency law focuses on liquidating the debtor’s assets to satisfy the claims of debtor’s creditors as the insolvency proceedings are considered as a question of interest to creditors. The EIR delineates the debtor’s legal status through prescriptions of private international law which refers to the law of the State of the opening or either main or secondary proceedings. On the other hand, the EIR contains to determine the debtor’s legal status by prescription of EU substantive law and without expressly mentioning the debtor.

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