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We look at a new abstract from Austria applying the Recast Regulation on Insolvency 848/2015 which has been uploaded to the INSOL Europe EC Case Register.
INSOL Europe and LexisNexis have joined forces to bring you the case register. This unique case abstract service provides summaries of over 500 judgments, from the Court of Justice of the European Union and first instance and appeal courts of the EU Member States, that consider a significant point relating to the Recast Regulation on Insolvency, Regulation (EU) 848/2015 (Recast Regulation on Insolvency) or earlier EC Regulation on Insolvency, Regulation (EC) 1346/2000 (EC Regulation on Insolvency).
With EC case law, decisions of the EU Court of Justice bind all Member States, though where the EU Court of Justice has given limited guidance on a particular area, courts may look to decisions of other courts in the Member States for some guidance, although they will not be binding. The INSOL Europe Case Register contains summaries of judgments that consider a significant point relating to the Recast Regulation on Insolvency (or formerly the EC Regulation on Insolvency).
In the case of Niki Luftfahrt GmbH  EIRCR(A) 679, the Austrian first instance court (Landesgericht Korneuburg) decided that where (i) a decision opening main insolvency proceedings is overturned by the court of appeal and (ii) according to national law of the opening Member State, this decision becomes effective immediately (notwithstanding a possible appeal to the supreme court), the courts of another Member State can open main insolvency proceedings since there is no longer a judgement that must be recognised according to Article 19 of Recast Regulation on Insolvency, Regulation (EU) 848/2015.
The key facts are as follows:
For further details, see the full case abstract prepared by Andreas Geroldinger, Professor, Johannes Kepler University Linz in the INSOL Europe case register at Niki Luftfahrt GmbH  EIRCR(A) 679.
This analysis was first published on LexisPSL Restructuring and Insolvency.
If you are a LexisPSL subscriber, click the link below for further information:
Recast Regulation—main, secondary and territorial proceedings
Recast Regulation—establishing the centre of main interests (COMI) for corporates
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