- Banks and cross-border issues — Bank resolution and insolvency
This chapter tackles European cross-border issues concerning group insolvencies. The EIR permits the roles of ‘one group — one COMI’, which delivers two different regulatory devices of procedural consolidation: duties of cooperation and communication, and a system of coordination. While the EIR covers the issues of insolvent companies belonging to a group of companies, the EIR also excludes any form of regulatory intervention which does not respect group members’’ separate legal entities. However, the exclusion does deliver a definition of a group of companies and various alternative regulatory devices allowing courts and insolvency practitioners to choose the regulation. Moreover, the EIR identifies a group of companies as control-based which either could be direct or indirect.
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