Abstract
One of the key issues for a creditor in the cross-border context is his ability to rely on his security rights where insolvency proceedings have been opened in respect of the debtor. In general, the Regulation upholds such rights where the creditor holds security over assets located in a Member State other than the Member State where the insolvency proceedings were opened. However, under the previous version of the Regulation there were a number of questions as to the scope of this protection. A number of these issues have been clarified and resolved in the new Regulation providing welcome clarity for lenders and other creditors. However, other issues still remain to be resolved.
Published Version
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