The Undertaking: Mystery or Reality?
JCOERE team member Nicoleta Mirela Nastasie with Andrea Csőke and Róbert Muzsalyi, ask how does the undertaking, provided by the 2015/848/EU Regulation, work in Romania and in Hungary?
The differences between Member States in relation to substantive and procedural rules are commonly a source of difficulties in cross-border proceedings. Among others, the Regulation 2015/848 of the European Parliament and the Council on insolvency proceedings provides some new legal instruments to limit the possibility of secondary insolvency proceedings. The undertaking (Art. 36) is one of the new features which has not been known before in Continental legal systems. This article considers that the application of the undertaking in different insolvency regimes involves some difficulties. To demonstrate this assumption, this article will compare the Romanian and the Hungarian legislation in this field and show the differences and the similarities.
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First published in Eurofenix, the journal of INSOL Europe (edition: 78, Winter 2010/20).
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