Stay of the process of realisation of assets

Abstract

This part discusses the stay of the process of realisation of assets under Article 46 of the EU Regulation on Insolvency Proceedings (EIR). It refers to the court that opened the secondary insolvency proceedings, which must stay the process of realisation of assets on receipt of a request from the insolvency practitioner in the main insolvency proceedings. It also highlights the requirement of an insolvency practitioner in the main insolvency proceedings to take any suitable measure to guarantee the interests of the creditors in the secondary insolvency proceedings and of individual classes of creditors. The part explains that Article 46 is part of the legal arsenal demonstrating the dominant role of main insolvency proceedings. It mentions the insolvency practitioner in the main insolvency proceedings that mitigate or neutralise the adverse consequences of the opening of secondary insolvency proceedings.