Coordination in bankruptcy proceedings against members of a group of companies according to Regulation 848/2015 of the European Union Cover Image

Координација у стечајним поступцима против чланова групе трговачких друштава према Уредби 848/2015 Европске уније
Coordination in bankruptcy proceedings against members of a group of companies according to Regulation 848/2015 of the European Union

Author(s): Vladimir Čolović, Siniša Aleksić
Subject(s): EU-Legislation
Published by: Институт за међународну политику и привреду
Keywords: Regulation (EU) No. 2015/848;bankruptcy;group of companies;dependent companies;coordination;coordinator;lex fori concursus

Summary/Abstract: Regulation (EU) No. 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings is the first international documents regulating the insolvency of members of a group of companies. The members of a group of companies are independent commercial companies, which are interconnected by the capital or by the contract. One of the important issues in regulating bankruptcy against the members of the group of companies concerns the independence of the members of the group as legal entities, bearing in mind that there is a mutual dependence between these companies. Regulation (EU) No. 2015/848 regulates the cooperation of the bankruptcy trustees and courts, if the bankruptcy proceeding pending against two or more members of a group of companies. Also, this act regulates the procedure of coordination between the members of a group, anticipating submission of a plan of coordination, as well as the appointment and powers of coordinator. The coordinator shall be a person eligible under the law of a Member State to act as bankruptcy trustee. Coordination procedure is initiated and conducted in accordance with applicable law for the bankruptcy proceeding in which was appointed bankruptcy trustee who filed the request for the initiation of the bankruptcy proceeding, i.e. by the rule of lex fori concursus. Previously, the court must determine that coordination is necessary at all, i.e. that the initiation of the coordination proceeding will facilitate the conduct of proceedings against members of the group of companies. Otherwise, Regulation 848/2015 emphasizes the need for cooperation and communication between members of the group companies, in the event of their problems with insolvency. This highlights the interdependence of these companies, no matter that they are independent legal entities. The author pays attention to the Legislative Guide on Insolvency Law adopted in the framework of UNCITRAL (United Nations Commission on International Trade Law), which contains recommendations for regulation in this area. Also, the author pays attention to the Act on Bankruptcy of the Republic of Serbia, which does not regulate bankruptcy of the members of the group of companies, but only the coordination between the main and secondary insolvency proceedings.

  • Issue Year: 2017
  • Issue No: 59
  • Page Range: 123-135
  • Page Count: 13
  • Language: Serbian
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