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7 Secondary Insolvency Proceedings

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, 2022. All Rights Reserved.date: 27 November 2022

Subject(s):
Banks and cross-border issues — Bank resolution and insolvency

This chapter expounds on how the Insolvency Regulation permits the opening of territorial proceedings conducted parallel to main proceedings. It includes how it would change the concept of universality through the existence of secondary proceedings, which serves the purpose of affecting assets within the Member State. The EIR implements the international insolvency laws which are guided by the principles of unity and universalism. While the EIR does not define secondary proceedings, the conclusion could be derived from the EIR’s Article Three which explained that secondary proceedings are territorial proceedings opened in a Member State. The chapter also explores the principles of modified unity and modified universalism.

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