Why are we doing this project?
- It will inform people who have to work with the existing law and are in a position to press for effective reforms.
- It will provide EU Institutions with a solid and robust platform for scoping the reform of Articles 5 and 13 of the Regulation and pursuing further reform measures.
- Legal and insolvency practitioners administering a cross-border insolvency case should be able to identify more easily the protection that holders of security rights have over assets situated in other EU States.
- Increased knowledge should enable insolvency practitioners to maximise the value of the insolvent debtor and improve returns and practical outcomes. This should reduce transaction costs and promote time-efficient administration of cross-border insolvency cases.
- It will provide the base for further research by scientists and academics.
- It should facilitate more informed decision-making by judges and court officials in particular cases.
What will be the outputs of the project?
Each partner will produce a 100 page report that addresses objectives 1-6 from the perspectives of Common Law, Roman legal systems, Germanic legal systems and Eastern European legal systems (though recognising that the concept of an Eastern European legal family may be problematic).
The project team will then come together and produce a 200 page report that synthesises the separate reports and addresses objectives 7-12. This final report will also expound common themes and ideas; evaluate the appropriateness of the protection afforded security rights under Articles 5 and 13 of the Regulation and suggest possible law reform measures in this field.
Two project conferences will afford the opportunity of presenting and disseminating preliminary and final research findings; testing research methodology and hypotheses; obtaining feedback from members of the Expert Group and project beneficiaries; and assisting in the formulation and elaboration of the final report.
What will the result be?
The key deliverables are reports submitted to the European Commission. The Commission’s decision whether or not the reports form a sufficient basis for legislative or other action will be the true evaluation of the project results.