WRITTEN QUESTION No. 3450/97 by Allan MACARTNEY to the Commission. Cross-border claims in the event of receivership
Date: 1997-10-31
Institutions: European Parliament, MACARTNEY
Subjects: Intergovernmental Convention (EU), administrative procedure, appeal to an administrative authority, bankruptcy, claim, financial solvency, intra-EU payment













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91997E3450

WRITTEN QUESTION No. 3450/97 by Allan MACARTNEY to the Commission. Cross-border claims in the event of receivership  


Official Journal C 223 , 17/07/1998 P. 0002 





WRITTEN QUESTION E-3450/97 by Allan Macartney (ARE) to the Commission (31 October 1997)Subject: Cross-border claims in the event of receivershipWhat measures have been put in place to allow creditors to claim moneys due in the event of a debtor's bankruptcy, where the business concerned is based in another Member State?Given the progression of the Single Market, are there mechanisms which allow for ease of claims which are within the European Union but cross Member State jurisdictions?If not, is positive action planned in the near future?Answer given by Mr Monti on behalf of the Commission (6 January 1998)The Commission would like to inform the Honourable Member that measures to allow creditors to intervene in bankruptcy proceedings are provided in the 1995 Convention on insolvency proceedings, signed by all Member States except the United Kingdom. Under the terms of this Convention, creditors with habitual residence, domicile or registered office in one Member State will have the right to lodge written claims during the insolvency proceedings opened in another Member State.The rules provide that, as soon as insolvency proceedings are opened in a Member State, the court or the liquidator appointed by it shall immediately inform known creditors. The information will include time limits, penalties in regard to time limits, and the body or authority empowered to accept the lodgement of claims. The notice will indicate whether creditors whose claims are preferential or secured need to lodge their claims.Creditors will send copies of supporting documents, indicating the nature of the claim, the date on which it arose and its amount, as well as whether are claimed preference, security or a reservation of title are claimed and what assets are covered by the guarantee invoked. The claim may be lodged in the official language of the state of domicile or habitual residence. In this event, the lodgement of his claim will bear the heading 'lodgement of claim' in the official language of the state where proceedings are opened. In addition, the creditor may be required to provide a translation.These rights will only be available to creditors in cross-border claims from the date the Convention enters into force. Under Article 49.3 of the Convention, ratification by national parliaments of all states having signed the Convention is required. At present, the fact that the United Kingdom has not signed prevents the Convention from entering into force.In order to solve this situation, the Commission plans to examine all options to progress in this field and, in particular, whether a legislative proposal is necessary to enforce the measures contained in the 1995 Convention.