Debtor's Welcome to their Brother
Debtor's Welcome to their Brother
The preliminary meeting discusses the general rules and framework for future meetings. There was an emphasis on obtaining the opinions of organisations interested in the EEC Bankruptcy Convention.
Following from the preliminary meeting, the committee made a list of the prospective interested organisations that could provide their views.
The committee explained that one of the purposes of the convention is to make the effect of bankruptcy upon a variety of contracts is governed by the law of bankruptcy. Matrimonial status, in relation to the governing law of the state of bankruptcy, was also touched upon.
The practical difficulties arising from the principles of ‘universality and unity’ of the application of the Convention were discussed in areas of language and jurisdictional differences, as well as the effect that these principles have on determining the exact responsibilities of liquidators. A list of delegations from the principles was also provided.
There was a discussion of the English translation of the draft Convention, as well as how to best amend the Convention without altering it drastically.
The meeting discussed the legal consequences of the language deployed in Article 32. The reference to ‘non-contracting States’ in Article 33 was discussed, and the committee suggested that it would preserve the powers of a liquidator if the same reference was made in the entire Convention.
The report discusses the situation with matrimonial law in the context of Article 34(see paragraphs 12-14).
There is a brief discussion of Article 35. On Article 36, the committee commented that the Article should not differentiate between contracting and non-contracting States in relation to the application of contract law ,but that it should relate to the contractual rights under national law. A discussion on contracts in the context of Articles 37-39 was also conducted.
Uniform Law Articles 6,5 and 4(A)(1) were discussed.
There is a discussion at the beginning concerning the Departments of Trade and Employment. The committee then discussed the scope of the Convention in relation to compulsory and voluntary liquidation. Article 39, and Uniform Law Article 6 were discussed.
The report begins by outlining the subject matters of Protocol Article 1(a) and (b), as well as the procedures that appear to be outside the scope of the Convention.
Articles 47-53 are discussed in this meeting.
The committee discussed the position relating to UK banks enjoying subrogation rights. A list of the chapters of the consultative document was provided, and some other decisions were made about the consultative document. The consequences of Article 68 on limiting jurisdiction were highlighted, and a brief outline of the shortcomings of Articles 69-82 was given.
Articles 54-60 were discussed in this meeting.
The committee highlighted that Article 54 was not clear as to how to enforce judgements relating to the bankruptcy proceedings.The procedure to challenge a bankruptcy, in the context of Articles 56-60, was outlined and evaluated- with the purpose and effects of each Article specified.