The ultimate aim of this project is to improve cooperation between courts in different Member States.
|Looptijd||2013 - 2016|
|Financiering||Civil Justice Programme European Union|
|International Insolvency Institute|
|Leiden Law School|
Paul Omar - Nothingham Law School
The EU Cross-Border Insolvency Court-to-Court Cooperation Principles are a sign of the time, in that they promote international cooperation in the insolvency area, achieving greater and timely coordination among countries in multinational business reorganisations or restructurings. They, in short, include principles on their non-binding status and their objectives, case management of courts and the equal treatment of creditors and principles about the judicial decisions itself, on its reasoning and for instance on providing a stay or moratorium.
To improve cooperation between courts in different Member States in these cases, Leiden Law School and Nottingham Law School have been working on what is called the ‘EU Cross-Border Insolvency Court-to-Court Cooperation Principles’ (‘JudgeCo Project’). The project is initiated and co-funded funded by the European Union and the International Insolvency Institute (III). It is a part of a larger EU initiative called “European Cross-border Insolvency: Promoting Judicial Cooperation”. This initiative is being promoted by the European Commission's Directorate General on Justice. Further funding has come from the EU's Civil Justice Programme, which aims to strengthen freedom, security and justice in the European area, and the International Insolvency Institute established in Toronto (Canada). The EU JudgeCo Principles and Guidelines will have the character of non-binding recommendations and will be developed for application in cross-border communication and cooperation in insolvency cases between courts within the European Union.
The EU JudgeCo Principles and Guidelines will further research developments on judicial cooperation in insolvency principles in general and, specifically, in court-to-court communication and coordination matters. The need for this development within the context of the European Union is clear: the Recast of the the Insolvency Regulation ('EIR'), emphasising court-to-court cooperation, calls for a more concrete and detailed approach to judicial cross-border cooperation (recital 45 and Articles 41-44 and 56-59 EIR Recast).