The 'undertaking' under Article 36 of the revised IVO
In Tijdschrift voor Insolventierecht (TvI) 2018/13, Alice van der Schee and Linde Muller wrote the article "The 'undertaking' under Article 36 of the revised IVO, or the ‘Virtual Secondary Procedure’, a simple new tool for the trustee in bankruptcy?".
The Revised European Insolvency Regulation offers the trustee in bankruptcy a new, cross-border restructuring instrument, the undertaking (Article 36 of the revised IVO). When giving the undertaking, the trustee in bankruptcy must apply the legislation of another Member State for dividing the foreign assets. This safeguards the rights of the local debtors and may prevent secondary insolvency procedures.
In this article, Alice and Linde address the (im)possibilities of the new instrument. They discuss aspects such as legal (lack of) clarity, the practical objections related to the instrument and the conditions on which the instrument can be applied.
You can download the full article below. Please note the article is only available in Dutch. You can of course contact the author of the article for more information. All of our attorneys-at-law speak fluent English and will be happy to help.