Virgos-Schmit report meaning

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...

The conventions/regulations The insolvency exception features in a number of conventions/regulations, including: Lugano Convention: the convention on jurisdiction and the recognition and enforcement of judgments in civil and commercial matters, between the European Community and the Republic of Iceland, the Kingdom of Norway, the Swiss Confederation and the Kingdom of Denmark, signed on behalf of the European Community on 30 October 2007 (the Lugano Convention), which governs disputes involving Switzerland, Norway or Iceland. Although the UK applied to join in its own right post-Brexit, the EU declined that accession. The Lugano Convention remains operative among its contracting parties. For more detail, see Practice Notes: Tracker-Lugano Convention 2007 [Archived] and Lugano Convention 2007-general provisions in relation to jurisdiction. Hague Convention: the Hague Convention on Choice of Court Agreements (the Hague Convention), in force from 1 October 2015 onwards. Historically, the UK participated by virtue of EU membership. On 28 September 2020, the UK deposited its instrument of accession to the Hague Convention on Choice of Court...

The conventions/regulations The insolvency exception appears in a range of conventions/regulations, including: Lugano Convention — the convention on jurisdiction and the recognition and enforcement of judgments in civil and commercial matters, between the European Community and the Republic of Iceland, the Kingdom of Norway, the Swiss Confederation and the Kingdom of Denmark, signed on behalf of the European Community on 30 October 2007 (the Lugano Convention), which governs disputes involving Switzerland, Norway or Iceland. For further information on this convention, see Practice Notes: Tracker—Lugano Convention 2007 [Archived] and Lugano Convention 2007—general provisions in relation to jurisdiction Hague Convention — the Hague Convention on Choice of Court Agreements (the Hague Convention) (in force from 1 October 2015 onwards) The insolvency exception In cross-border insolvencies, deciding which court has jurisdiction often depends on identifying the governing cross-border convention or regulation and whether the various instruments are intended to dovetail, or whether some matters fall between two stools. Many cross-border conventions/regulations expressly carve out...