CERIL

Introduction

This Working Party deals with transactions avoidance law, i.e. rules which provide for the voidness or voidability of transactions that have been performed prior to the opening of insolvency proceedings, are typically valid under general civil law yet are contrary to certain principles of insolvency law, particularly to the principle of equal treatment of creditors.

Chairs

Prof. Reinhard Bork
Catarina Serra

Completed Projects

• Value Extraction Schemes 2019
  The Working Party dealt with value extraction schemes and their combating in the national transaction avoidance laws of EU Member States. After the opening of insolvency proceedings, Insolvency Practitioners (if necessary, by approaching a court) will try to reverse value extraction schemes by recollecting unfair advantages from the shareholders, be it by means of transactions avoidance, be it by means of company or general civil law. The Report Reversal on Value Extraction Schemes covers fourteen European jurisdictions. Reporter(s): Prof. Reinhard Bork and Prof. Catarina Serra.
  
  Reporters: Prof. Reinhard Bork and Prof. Catarina Serra
  
  This project resulted in:
  - CERIL Statement 2019-2 on reversal of Value Extraction Schemes
  - CERIL Report 2019-2 on reversal of Value Extraction Schemes
  
  
• European Transaction Avoidance Laws 2017
  National insolvency laws in Europe typically contain rules on avoidance actions. Some of them are designed to provide sanctions against fraudulent behaviour or transactions at an undervalue, whereas others aim to enforce the principle of equal treatment of creditors by enabling the insolvency practitioner to challenge preferential treatment given to a creditor in a given period prior to the application for, or opening of, insolvency proceedings. The project aims at collecting information on transactions avoidance rules from various jurisdictions and examining them in light of their underlying policies and principles. Reporter(s): Reinhard Bork.
  
  Reporter: Reinhard Bork
  
  The project resulted in:
  - CERIL Statement 2017-1 on Transaction Avoidance Laws
  - CERIL Report 2017-1 on Transaction Avoidance Laws

Members part of