Security Rights and the European Insolvency Regulation

by McCormack, Gerard; Bork, Reinhard

• ISBN13: 9781780683171
• ISBN10: 1780683170
• Edition: 1st
• Format: Hardcover
• Copyright: 2017-04-12
• Publisher: Intersentia

Summary

Security rights are of fundamental importance to the granting of credit. They are generally considered to increase the availability and lower the cost of credit but there appear to be divergent views across Europe and elsewhere on the extent to which it should be possible to create security rights over assets.Moreover, laws in many countries avoidance laws strike at advantage gaining by creditors in the period immediately before formal insolvency proceedings are instituted. It is seen as potentially unfair to other creditors who may be forced into taking enforcement proceedings against the debtor and this may precipitate the premature liquidation of the debtor with an overall loss of economic value.The book will assess the conception of security rights according to the different European legal traditions. It will also evaluate the appropriateness of the protection given to security rights in light of:- developments in those European legal traditions;- the objective of the Insolvency Regulation to facilitate the more effective administration of cross-border insolvency cases;- the need for security in the context of the financial crisis;- the basic principles of ensuring fairness between creditors;- forestalling premature liquidation; and- reinforcing the collective nature of the insolvency process.The growth strategy put forward by the European Commission, Europe 2020, is designed to achieve economy recovery and sustainable growth, targeting as primary goals a higher investment rate and the preservation of employment. The rescue of troubled enterprises is at the core of this strategy and the book plots the alignment between this strategy and the evolution of the Insolvency Regulation.The objective is to facilitate a situation where economic and social systems are adaptable, resilient and fair; where economic activity is sustainable; and where human values are respected.

Author Biography

Gerard McCormack is Professor of International Business Law at the University of Leeds. He was previously a professor of Law at the University of Manchester as well as Professor of Law and Dean of the School of Law at the University of Essex. He taught at Queens University Belfast and the University of Southampton. He was a Visiting Professor at the National University of Singapore and a Marie Curie Fellow at the Centre for European Law and Politics, University of Bremen.

Prof. Dr. Reinhard Bork holds a chair for civil procedure Law at Hamburg University. He served as a judge at the Court of Appeal in Hamburg and has published extensively on civil and civil procedural law (including arbitration), insolvency law, commercial law and media law. He is the editor of several leading journals on civil, business and insolvency law. Having served for five years as Vice Dean of the Law Faculty he was awarded the Robert S. Campbell Visiting Fellowship of Magdalen College Oxford and spent the academic year 2010/2011 as a visiting researcher in Oxford.

With contributions from: Reinhard Bork (Hamburg), Marta Carballo (Santiago de Compostela), Laura Carballo Piñeiro (Santiago de Compostela), Renato Mangano (Palermo), Gerard McCormack (Leeds), and Tibor Tajti (Budapest).