6. Insolvency proceedings *
A5-0039/2000
Initiative of the Federal Republic of Germany and the Republic of Finland with a view to
the adoption of a Council regulation on insolvency proceedings (9178/1999 kdash C5-0069/1999 kdash
1999/0806(CNS))
The initiative was amended as follows:
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OF INITIATIVE(1)AMENDMENTS
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(Amendment 1)
Recital 10
(10) This regulation applies equally to all proceedings,
whether the debtor is a natural person or a legal person, a tra-der or an individual. Insolvency proceedings concerning insur-ance undertakings, credit institutions, investment undertakingsholding funds or securities for third parties and collectiveinvestment undertakings are excluded from the scope of this
regulation. Such undertakings are not covered by the regulation
since they are subject to special arrangements and, to someextent, the national supervisory authorities have extremelywide-ranging powers of intervention;(10) This regulation applies equally to all proceedings,
whether the debtor is a natural person or a legal person, a tra-der or an individual. Insolvency proceedings concerning insur-ance undertakings, credit institutions, investment undertakingsholding funds or securities for third parties and collectiveinvestment undertakings are excluded from the scope of this
regulation. Such undertakings are not covered by the regulation
since they are subject to special arrangements and, to someextent, the national supervisory authorities have extremelywide-ranging powers of intervention. With regard to insur-
ance undertakings, however, special arrangements existonly for the original (direct) insurers. In the case of insol-vency proceedings relating to a reinsurer, therefore, thegeneral rules laid down in this regulation apply ;
(Amendment 2)
Recital 13
(13) Insolvency proceedings may be opened in the Member
State where the debtor has the centre of his main interests.Main insolvency proceedings have universal scope, they aim atencompassing all the debtor’s assets on a world-wide basis andat affecting all creditors, wherever located. The centre of maininterests is taken as meaning a place with which a debtor reg-ularly has very close contacts, in which his manifold commer-cial interests are concentrated and in which the bulk of hisassets is for the most part situated. The creditor is also very
familiar with that place.(13) Insolvency proceedings may be opened in the Member
State where the debtor has the centre of his main interests.Main insolvency proceedings have universal scope, they aim atencompassing all the debtor’s assets on a world-wide basis ,
while preserving the legal independence of legal persons,and at affecting all creditors, wherever located. The centre ofmain interests is taken as meaning a place with which a debtorregularly has very close contacts, in which his manifold com-mercial interests are concentrated and in which the bulk of his
assets is for the most part situated. The creditor is also very
familiar with that place.
(Amendment 6)
Article 29(b)
(b) any other person or authority empowered to request the
opening of insolvency proceedings under the law of theMember State within the territory of which the openingof secondary proceedings is requested.(b) any other person or authority empowered to request the
opening of insolvency proceedings under the law of theMember State within the territory of which the openingof secondary proceedings is requested , provided that
that person informs the liquidator in the main pro-ceedings without delay .
(1) OJ C 221, 3.8.1999, p. 8.C 346/80 EN4.12.2000 Official Journal of the European Communities
Thursday 2 March 2000
(Amendment 4)
Article 45
Article 45
Amendment of the Annexes
The Annexes to this Regulation may be amended by decision of the
Council.Deleted
(Amendment 5)
Article 45a (new)
Article 45a
Implementation
Five years after the entry into force of this regulation,
the Commission shall submit to the Council, the EuropeanParliament and the Economic and Social Committee areport on experience of its implementation. This reportshall, if appropriate, incorporate proposals for improvingthe regulation.
European Parliament legislative resolution on the initiative of the Federal Republic of Germanyand the Republic of Finland with a view to the adoption of a Council regulation on insolvency
proceedings (9178/1999 kdash C5-0069/1999 kdash 1999/0806(CNS))
(Consultation procedure)
The European Parliament,
.dash having regard to the initiative of the Federal Republic of Germany and the Republic of Finland
(9178/1999)(
1),
.dash having been consulted by the Council pursuant to Article 61(c) and Article 67(1) of the EC Treaty
(C5-0069/1999),
.dash having regard to Rule 67 of its Rules of Procedure,
.dash having regard to the report of the Committee on Legal Affairs and the Internal Market and the opi-
nion of the Committee on Citizens’ Freedoms and Rights, Justice and Home Affairs (A5-0039/2000),
1. Approves the initiative as amended;
2. Calls on the Council to alter the initiative accordingly;
3. If the Council intends to depart from the text approved by Parliament, calls on the Council to notify
Parliament;
4. Asks to be consulted again if the Council intends to amend the initiative substantially;
5. Instructs its President to forward its position to the Council.
(1) OJ C 221, 3.8.1999, p. 8.4.12.2000 EN C 346/81 Official Journal of the European Communities
Thursday 2 March 2000
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OF INITIATIVEAMENDMENTS
BYPARLIAMENT