17th April 2008
What is this seminar about?
Cross-border insolvency of financial groups
Within the EU, banks, insurance companies and other financial institutions are subject to different insolvency regimes. The purpose of this seminar is to analyse and explain how the different insolvency regimes might operate in the event of a default triggering the insolvency of a group of financial companies.
Jurisdiction to open main insolvency proceedings may be allocated to the state in which the centre of main interests of the legal entity is located (under the EU Insolvency Regulation) or where the registered office and/or head office is based (e.g. under the EU Directive on Winding up of Credit Institutions). When cross-border insolvency extends beyond the EU, the UNCITRAL Model Law on Cross-Border Insolvency may come into play.
The result is a complicated patchwork of regulation, which does not fit easily with the way in which multinational financial groups conduct cross-border business.
Gabriel Moss QC and John Breslin, an Irish barrister, will tackle a case study involving the collapse of a financial group (see below), following a brief description of the legislative framework by Jane Welch, and an outline of the history of the EU Insolvency Regulation and in particular the development and interpretation of the concept of "centre of main interests" by Professor Ian Fletcher. The seminar is chaired by Mr. Justice David Richards.
The case study that will be analysed and discussed involves a group containing a UK bank and its Irish fund-raising subsidiary, a management company incorporated in Gibraltar and a UK insurance company. The sub-prime crisis leads to the insolvency of the Irish subsidiary and the other group companies.
The seminar will allow ample time for discussion and will be followed by a reception. Solicitors and barristers may claim 2 CPD hours through attendance at this event.
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This seminar is part of the British Institute's 2007-2008 Seminar Series on Private International Law, which is kindly sponsored by:
This series explores issues which are of topical importance for current legal practice and study in the field of Private International Law. If you have any queries relating to this event please contact Jane Welch at firstname.lastname@example.org
BIICL has recently worked with the German public body, the Gesellschaft fur internationale Zusammenarbeit (GIZ) on a collective redress project....