Published on 12 Aug 2009 • ExpandEngland, European Union, Northern Ireland...Wales |
"Save as otherwise provided in this Regulation, the law applicable to insolvency proceedings and their effects shall be that of the Member State within the territory of which such proceedings are opened…".
"(e) the effects of insolvency proceedings on current contracts to which the debtor is party;
(f) the effects of insolvency proceedings on proceedings brought by individual creditors".
"effects of insolvency proceedings on a lawsuit pending concerning an asset or right of which the debtor has been divested shall be governed solely by the law of the Member State in which that lawsuit is pending".
"Any arbitration clause concluded by the bankrupt shall lose its legal effect as at the date the bankruptcy is declared and any pending arbitration proceedings shall be discontinued".