Universality meaning

Purpose of the Credit Institutions (Reorganisation and Winding Up) Directive The Credit Institutions (Reorganisation and Winding Up) Directive 2001/24/EC (CIWUD) was introduced to guarantee that a credit institution, together with its branches in other Member States, is reorganised or wound up in line with the principles of unity and universality, meaning there is a single set of insolvency proceedings in which the credit institution is handled as one single entity. Accordingly, the CIWUD therefore ensured that the institution’s assets, wherever they are found, are captured within a single, unified winding‑up procedure, thereby removing the confusion and uncertainty associated with any secondary proceedings. The CIWUD sought to prevent the separation of assets of the credit institution so that creditors outside of the...

This glossary sets out numerous expressions regularly encountered in the restructuring & insolvency sphere. Words shown in bold within definitions are themselves explained in other entries in this glossary as well. A Article X The MLIJ contains a single provision named Article X, aimed at jurisdictions that have already implemented the MLCBI, like England, or are weighing its adoption. Article X states: ‘Not withstanding any prior interpretation to the contrary, the relief available under [insert a cross-reference to the legislation of this State enacting Article 21 of the UNCITRAL Model Law on Cross-Border Insolvency] includes recognition and enforcement of a judgment’ (see Practice Note: UNCITRAL model law on recognition and enforcement of insolvency-related judgments (MLIJ): Article X). Asset-backed security (ABS) A form of security anchored by asset pools, for example loans, leases, and credit card receivables. Assimilated law From 1 January 2024, ‘retained law’ has been retitled ‘assimilated law’. The body of domestic law originally arising from EU obligations, created by the European...