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Towards an Objective European Rule on Transaction Avoidance in Insolvencies
Author(s) -
de Weijs Roelf Jakob
Publication year - 2011
Publication title -
international insolvency review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.125
H-Index - 7
eISSN - 1099-1107
pISSN - 1180-0518
DOI - 10.1002/iir.196
Subject(s) - database transaction , debtor , insolvency , proposition , shareholder , business judgment rule , german , bankruptcy , creditor , business , law and economics , real estate , accounting , estate , economics , actuarial science , debt , finance , computer science , linguistics , corporate governance , philosophy , programming language
Following up on Insol Europe's Note ‘Harmonisation of Insolvency Law at EU level’ (2010), this article provides a proposition for a European rule on transaction avoidance in insolvencies. The question explored here is whether, and to what extent, it is possible and desirable to identify rules on transaction avoidance solely on the basis of objective criteria. Based on a comparison of English, German and Dutch law a largely objective rule is formulated for three basic categories of detrimental legal acts. The first category concerns legal acts compromising the integrity of the estate of the debtor. The second category is formed by preferences. The third category consists of shareholder loans and shareholder guarantees. Copyright © 2011 John Wiley & Sons, Ltd.