Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-11-15-Speech-2-434-519"

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"en.20111115.27.2-434-519"2
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"Insolvency legislation varies greatly between individual Member States. This is why I think that the report containing recommendations to the Commission on insolvency proceedings in the context of EU company law is of paramount importance to its harmonisation at European Union level. The Insolvency Regulation stipulates that the state where proceedings are opened will determine the conditions, more specifically by establishing against which debtors insolvency proceedings may be brought, what assets form part of the estate, and the way in which assets are treated. I share the view of the rapporteur that a legislative initiative is required to harmonise these aspects so that there is greater legal certainty right from the start of proceedings. According to the Insolvency Regulation, the lodging, verification and admission of claims are determined by the law of the state where proceedings are opened, which will also apply to claims that are accepted as insolvency claims. I support the view that such harmonisation of claims would increase the legal certainty for creditors. I concur that the creation of an EU Registry is needed so that creditors and courts can determine whether insolvency proceedings are opened in another Member State, as well as their deadlines and other details of the claims which have been lodged."@en1

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