THEY฀ SHOULD฀BE฀ C O O R D IN A T E D ฀ THEY฀WILL฀ D E V E L OP ฀ AS฀ AU TO N O M O U S ฀ OR฀ INDEPENDENT฀ PROCEEDINGS฀ 4HE฀ REGULATION฀ VIEWS฀ THE฀POSSIBILITY฀OF฀ OPENING฀ INDEPENDENT฀ TERRITORIAL฀ PROCEEDINGS฀ WITH฀ SOME฀ S U S P I C I ON฀ )N฀ SUCH฀ CASES฀ THERE฀ ARE฀ NO฀ MAIN฀PROCEEDINGS฀ Y E T ฀ AND฀ SO฀ THERE฀ IS฀ NO฀ POSSIBILITY฀ OF฀ COORDINATING฀ IN฀ THE฀ CONTEXT฀ OF฀ C E N T R AL I S E D ฀ #OMMUNITY฀ PROCEEDINGS฀ AND฀ CONSEQUENTLY฀ THE฀ RISKS฀ A S S O C I A T E D ฀ WITH฀ OPENING฀ TERRITORIAL฀ PROCEEDINGS฀ ARE฀ GREATER฀ 4HIS฀ EXPLAINS฀WHY฀THE฀REGULATION฀HAS฀ONLY฀SEEN฀THE฀POSSIBILITY฀OF฀OPENING฀INDE PENDENT฀TERRITORIAL฀PROCEEDINGS฀AS฀A฀MECHANISM฀FOR฀COVERING฀CERTAIN฀PRO TECTION฀LOOPHOLES฀WHICH฀COULD฀ARISE฀WITHIN฀A฀SINGLE฀UNIVERSAL฀MODEL฀ FOR฀ PROCEEDINGS฀ 4HAT฀ IS฀ W H Y ฀ IT฀ CAN฀ BE฀ S AID฀ THAT฀ INDEPENDENT฀ TERRITORIAL฀ PROCEEDINGS฀ FU L l L ฀ A฀ SPECIlC฀ SUPPORTING฀ FUNCTION฀ THEY฀ SERVE฀ TO฀ AL L E V I A T E ฀ THE฀ IMPOSSIBILITY฀OF฀REQUESTING฀THE฀OPENING฀OF฀INSOLVENCY฀PROCEEDINGS฀UNDER฀ THE฀LEX฀FORI฀CONCURSUS฀PRINCIPALIS฀WHICH฀COULD฀NEVERTHELESS฀BE฀OPENED฀UNDER฀ THE฀ LAW฀OF฀ THE฀3TATE฀WHERE฀ THE฀ ESTABLISHMENT฀ IS฀ LOCATED฀ 4HAT฀ SUPPORTING฀ FUNCTION฀OF฀INDEPENDENT฀TERRITORIAL฀PROCEEDINGS฀EXPLAINS฀WHY฀THEY฀MAY฀BE฀ WINDING ฀ UP ฀ OR฀ RE S T R U C T U R ING฀ PROCEEDINGS฀ 4HE฀ REGULATION฀ ALSO฀ ALLOWS฀ FOR฀ THE฀DIRECT฀OPENING฀OF฀TERRITORIAL฀PROCEEDINGS฀PRIOR฀TO฀THE฀OPENING฀OF฀THE฀ MAIN฀PROCEEDINGS฀ FOR฀ REASONS฀ OF฀ PROCE D U R AL ฀ E CON O M Y ฀ THEY฀ARE฀ INTENDED฀ TO฀ PREVENT฀CREDITORS฀WHO฀WOULD฀BE฀ENTITLED฀TO฀REQUEST฀THE฀OPENING฀OF฀SECOND ARY฀PROCEEDINGS฀AFTER฀THE฀OPENING฀OF฀THE฀MAIN฀PROCEEDINGS฀FROM฀HAVING฀TO฀ REQUEST฀THE฀OPENING฀OF฀THESE฀MAIN฀PROCEEDINGS฀IF฀NOBODY฀HAS฀ALREADY฀DONE฀ SO฀ AND฀ THEN฀ IMMEDIATELY฀ REQUEST฀ THE฀OPENING฀OF฀ SECONDARY฀PROCEEDINGS฀ SEE฀ !RTICLE฀
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