฀ 2 E T T E R N E ฀ I฀DEN฀ STAT฀ HVOR฀ FORRETNINGSSTEDET฀ BElNDER฀ SIG฀ HAR฀ TERRITORIAL฀ KOMPETENCE฀ $EN฀ OMFATTER฀ KUN฀ DEN฀ D E L ฀ AF฀ SKYLDNERENS฀ AKTIVER฀ SOM฀ BElNDER฀ SIG฀ P� ฀ DEN฀ P� G � L D E N DE฀ SffT A TffS ฀ OM R � DE฀ SLUTNING EN฀ AF฀ ARTIKEL฀ ฀ SffT K ฀ ฀ $ ET฀ ER฀ I R R E L EV AN T ฀ OM฀ AKTIV E R N E ฀ HAR฀ FORBINDELSE฀MED฀ FORRET NING S SffT E D E TffS ฀ � KON OM I SKE฀ AKTIV I T ET฀ ELLER฀ EJ ฀ $ENNE฀ K OM P E T E N C EB E G R � NffS NING S REGEL฀ G � L DER฀ FOR฀ ENHVER฀ TERRITORIAL฀ INSOLVENSBEHANDLING฀ H V A D ฀ E N T EN฀ DEN฀ ER฀ SELV SffT� N D IG ฀ ELLER฀ S E K U N D � R ฀ SLUTNING EN฀ AF฀ ARTIKEL฀ ฀ SffT K ฀ ฀ OG฀ AFSPEJLER฀ SIG฀ I฀ INSOLVENSBEHANDLINGENS฀ VIRKNINGER฀ DER฀ KUN฀ VE D R � R ER฀DE฀ AF฀ SKYLDNERENS฀ FORMUEGEN SffT AN DE฀ SOM฀ BElNDER฀ SIG฀ P� ฀ DEN฀ P� G � L D E N DE฀ MEDLEMSSTATS฀ OM R � DE฀ SLUTNING EN฀ AF฀ ARTIKEL฀
R T I C L E S ฀ ฀ E T ฀ S E Q ฀ OF฀ THE฀REGULATION ฀ CON T A IN฀ A฀ S E R I E S ฀ OF฀ SPECIAL฀ RULES฀WHICH฀ ACT฀ AS฀ EXCEPTIONS฀ TO฀ THE฀ APPLICATION฀ OF฀ THE฀ LEX฀ FORI฀CONCURSUS ฀ ' E N E R AL L Y ฀ S P E AK ING฀ THERE฀ ARE฀ TWO฀ GROUNDS฀ FOR฀ SUCH฀ EXCEPTIONS฀ TO฀ THE฀ APPLICATION฀ OF฀ THE฀ LEX฀ FORI฀ CON S U R S U S ฀ ON฀ THE฀ ONE฀ H AND฀ PRO T E C TING฀ THE฀ RIGHTS฀ A C Q U I RE D ฀ IN฀ A฀ 3TATE฀OTHER฀THAN฀THE฀3TATE฀OF฀OPENING฀OF฀PROCEEDINGS฀AGAINST฀THE฀APPLICA TION฀OF฀ FOREIGN฀ BANKRUPTCY฀LAW� ฀ ON฀ THE฀ OTHER฀ H AND฀ THE฀ NEED฀ TO฀ RE D U C E ฀ THE฀ C O M P L E X I T Y ฀ OF฀ INSOLVENCY฀ PROCEEDINGS฀ SEE฀ RE C I T AL ฀ ฀ IN฀ THE฀PREAMBLE฀ 4HE฀ lRST฀ RE A S ON฀ IS฀ OF฀ A฀ SUBSTANTIVE฀ NATURE฀ 4HE฀ APPLICATION฀ OF฀ A฀ S IN G L E ฀ B AN K RUPTCY฀LAW฀TO฀ALL฀THE฀LEGAL฀RELATIONS฀OF฀THE฀DEBTOR฀CAN฀BE฀VERY฀WELL฀UNDER STOOD฀ AS฀ A฀ M E C H AN I S M ฀ FOR฀ PRO M O TING฀ COLLECTIVE฀ ACTION฀ ( O W E V E R ฀ THE฀ I M P L I C A T I O N S ฀ N A M E L Y ฀ THE฀ E X T E N S I ON฀ OF฀ THE฀ EFFECTS฀ E N V I S A G E D ฀ UNDER฀ THAT฀ LAW฀ TO฀ RIGHTS฀ OR฀ RELATIONS฀ SET฀ UP ฀ UNDER฀ A฀ DIFFERENT฀ NATIONAL฀ LAW฀ SHOULD฀BE฀ BO R N E ฀ IN฀MIND฀ # O N S E Q U E N T L Y ฀ THERE฀ IS฀ AN฀ INHERENT฀ T E N S I ON฀ BETWEEN฀ ESTABLISHING฀ A฀ S IN G L E ฀ STANDARD฀ TO฀ GOVERN฀ THE฀ D E BT O R S ฀ INSOLVENCY฀ WHICH฀ JU S T I l E S ฀ THE฀ A P PLICATION฀OF฀THE฀LEX฀FORI฀CONCURSUS฀AND฀THE฀INTRODUCTION฀OF฀AN฀ELEMENT฀OF฀ UNPREDICTABILITY฀ AND฀OF฀ EXTRA฀ COST฀ IN฀ THE฀ TRANSACTIONS฀ CARRIED฀OUT฀UNDER฀ OTHER฀ LEGAL฀ SYSTEMS฀ 4HAT฀ IS฀ W H Y ฀ THE฀ EXCEPTIONS฀ TO฀ THE฀ APPLICATION฀ OF฀ THE฀ LEX฀ FORI฀CONCURSUS฀CAN฀BE฀EXPLAINED฀IN฀TERMS฀OF฀LEGAL฀CERTAINTY฀AND฀OF฀PROTECTING฀ EXPECTATIONS฀IN฀CERTAIN฀MATTERS฀OR฀AREAS฀WHICH฀ARE฀PARTICULARLY฀SENSITIVE฀TO฀ IN T E R F E RE N C E ฀ FROM฀DIFFERENT฀ NATIONAL฀ L E G I S LATION฀ 4HE฀ E X A M P L E ฀ OF฀ !RTICLE฀ ฀ CONCERNING฀ PAYMENT฀ SYSTEMS฀ AND฀ lNANCIAL฀ M A R K E T S ฀ IS฀ P A R A DI G M A T I C ฀ )N฀ ADDITION฀ TO฀ THE฀ SUBSTANTIVE฀ A R G U MENT฀ THERE฀ IS฀ALSO฀ A฀ PROCE D U R AL ฀ A R G U MENT฀ )NSOLVENCY฀PROCEEDINGS฀ARE฀RELATIVELY฀COMPLEX฀AND฀EXPENSIVE฀TO฀ADMINIS T E R ฀ 2 E D U C ING฀ THESE฀ COSTS฀ MAY฀ W E L L ฀ FAVOUR฀ CERTAIN฀ CREDITORS฀ BUT฀ CAN฀ E N D ฀ UP ฀ BENElTING฀ALL฀OF฀THEM฀IN฀THAT฀THE฀TOTAL฀COSTS฀OF฀ADMINISTERING฀THE฀PROCEED INGS฀ ARE฀ RE D U C E D ฀ !S฀ W E ฀ SHALL฀ SEE฀ CERTAIN฀ EXCEPTIONS฀ OR฀ AT฀ LEAST฀ CERTAIN฀ ASPECTS฀ OF฀ THESE฀ ARE฀ JU S T I l E D ฀BY฀THE฀ NEED฀ TO฀ FACILITATE฀ MATTERS฀ ! ฀ G O O D ฀EX A M P L E ฀ IS฀ PROVIDED฀ BY฀ !RTICLE฀ ฀OF฀THE฀ REGULATION฀ON฀ RIGHTS฀ IN฀ R EM ฀ 4HE฀ SOLU TION฀CONTAINED฀THERE฀WAS฀NOT฀ADOPTED฀BECAUSE฀IT฀WAS฀THE฀BEST฀SOLUTION฀IN฀ T E R M S ฀ OF฀ A B S T R ACT฀ LEGISLATIVE฀ PO L I C Y ฀ BUT฀ BE C A USE฀ I T ฀REPRE S E N T E D ฀ THE฀ BE S T ฀ B AL ANCE฀BETWEEN฀SATISFYING฀THE฀LEGISLATIVE฀POLICY฀OBJECTIVES฀SOUGHT฀AND฀SIM P L I C I T Y ฀ IN฀ APPLYING฀ THE฀ RULES฀ , I M I TING฀ THE฀ C O M P L E X I T Y ฀ THAT฀ INTERNATIONAL฀ ASPECTS฀ A D D ฀ TO฀ THE฀ D E BT O R S ฀ INSOLVENCY฀ AND฀ RE D U C ING฀ THE฀ COSTS฀ A S S O C I A T E D ฀ WITH฀ THAT฀ C O M P L E X I T Y ฀ ARE฀ P A R T ฀OF฀THE฀ REGULATIONS฀ IN S T I T U TIONAL฀ O BJE C T I V E S