European Parliament legislative resolution on the 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 – C5-0069/1999 — 1999/0806(CNS))
Date: 2000-03-02
Institutions: Committee on Economic and Monetary Affairs, European Parliament
Subjects: EU Member State, Finland, Germany, bankruptcy, financial solvency, multinational enterprise

C 346/80

Official Journal of the European Communities

EN

4.12.2000

Thursday 2 March 2000

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 * C5-0069/1999 *
1999/0806(CNS))

The initiative was amended as follows:

TEXT
OF INITIATIVE (1)

AMENDMENTS
BY PARLIAMENT

(Amendment 1)
Recital 10

regulation applies

(10) This
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 undertakings
holding funds or securities for third parties and collective
investment 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 some
extent,
the national supervisory authorities have extremely
wide-ranging powers of intervention;

regulation applies

(10) This
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 undertakings
holding funds or securities for third parties and collective
investment 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 some
extent,
the national supervisory authorities have extremely
wide-ranging powers of intervention. With regard to insur-
ance undertakings, however, special arrangements exist
only for the original (direct) insurers. In the case of insol-
vency proceedings relating to a reinsurer, therefore, the
general rules laid down in this regulation apply;

(Amendment 2)
Recital 13

Insolvency proceedings may be opened in the Member
(13)
State where the debtor has the centre of his main interests.
Main insolvency proceedings have universal scope, they aim at
encompassing all the debtor’s assets on a world-wide basis and
at affecting all creditors, wherever located. The centre of main
interests 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 his
assets is for the most part situated. The creditor is also very
familiar with that place.

Insolvency proceedings may be opened in the Member
(13)
State where the debtor has the centre of his main interests.
Main insolvency proceedings have universal scope, they aim at
encompassing 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 of
main interests is taken as meaning a place with which a debtor
regularly 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 the
Member State within the territory of which the opening
of secondary proceedings is requested.

(b) any other person or authority empowered to request the
opening of insolvency proceedings under the law of the
Member State within the territory of which the opening
of 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.

4.12.2000

EN

Official Journal of the European Communities

C 346/81

TEXT
OF INITIATIVE

Thursday 2 March 2000

AMENDMENTS
BY PARLIAMENT

Article 45

Amendment of the Annexes

(Amendment 4)
Article 45

Deleted

The Annexes to this Regulation may be amended by decision of the
Council.

(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 European
Parliament and the Economic and Social Committee a
report on experience of its implementation. This report
shall, if appropriate, incorporate proposals for improving
the regulation.

European Parliament legislative resolution on the 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 * C5-0069/1999 * 1999/0806(CNS))

(Consultation procedure)

The European Parliament,

? having regard to the initiative of the Federal Republic of Germany and the Republic of Finland

(9178/1999) (1),

? having been consulted by the Council pursuant to Article 61(c) and Article 67(1) of the EC Treaty

(C5-0069/1999),

? having regard to Rule 67 of its Rules of Procedure,

? 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.

2.

Approves the initiative as amended;

Calls on the Council to alter the initiative accordingly;

If the Council intends to depart from the text approved by Parliament, calls on the Council to notify

3.
Parliament;

4.

5.

Asks to be consulted again if the Council intends to amend the initiative substantially;

Instructs its President to forward its position to the Council.

(1) OJ C 221, 3.8.1999, p. 8.