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Insolvency Law

Expert guidance on all aspects of corporate and personal insolvency

22 MAY 2013

Bank Handlowy W Warszawie SA and Another v Christianapol Sp z oo Case C-116/11; [2013] BPIR 174

(European Court of Justice, 22 November 2012)

A company entered into sauvegarde proceedings in France on the basis that its Centre of Main Interests (COMI) was there. It was established in Poland, but was [2013] BPIR 174 a wholly owned subsidiary of a German company which in turn was 90% owned by a French company. A Polish creditor sought to open secondary proceedings against the company in Poland, alternatively for the opening of winding up proceedings under Polish law. An issue arose as to whether the French proceedings had been closed. On a reference from the Polish Court, the European Court of Justice held that the European Insolvency Regulation had to be interpreted as meaning that it was for the national law of the Member State in which insolvency proceedings had been opened to determine the moment of closure of those proceedings. A court opening secondary proceedings had to have regard to the objectives of the main proceedings and to take account of the scheme of the Regulation in keeping with the spirit of sincere cooperation, and could not examine the insolvency of the debtor against which main proceedings had been opened even where such proceedings had a protective purpose. 

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