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Universalism and the recognition of group proceedings under the UNCITRAL Model Law in Montenegro
International Insolvency Review ( IF 0.646 ) Pub Date : 2019-03-18 , DOI: 10.1002/iir.1331
Vladimir Savković 1
Affiliation  

Among the most topical insolvency issues in 2017 was the Croatian “Lex Agrokor”—a controversial “tailor‐made” law providing a unique restructuring opportunity for the largest Croatian conglomerate, the parent company of which was otherwise facing bankruptcy. Soon after the “extraordinary administration procedure” began, the appointed administrator started filing motions for the recognition of the alleged group insolvency as foreign insolvency proceedings in a number of neighbouring and other European countries, most of which have adopted the UNCITRAL Model Law on Cross‐Border Insolvency. It was an attempt to save the conglomerate's property from being seized in a disorderly fashion by various secured creditors, most noticeably, the largest Russian financial institution Sberbank, which contested these motions with varying success. This article, however, does not present an effort to comprehensively analyse the ongoing legal battle but rather adopts a broader approach to examining the Lex Agrokor to establish grounds for more general conclusions. More precisely, the purpose of this article is twofold. First, to offer strong arguments that, from the standpoint of typical insolvency legislation based on the Model Law, such as that of Montenegro, both the actual and future group proceedings initiated under the Lex Agrokor should fail to meet recognition requirements. Second, based on the preceding case study, to offer conclusions on how to further promote universal approach regarding group insolvencies by emphasizing exactly what the national laws regulating group insolvency should not feature so as to have the proceedings introduced therewith recognized in countries adopting the Model Law.

中文翻译:

普遍主义和对《贸易法委员会示范法》在黑山的认可

2017年最热门的破产问题之一是克罗地亚“ Lex Agrokor” —备受争议的“量身定制”法律为最大的克罗地亚企业集团提供了独特的重组机会,而该企业的母公司否则将面临破产。在“特别行政程序”开始后不久,任命的管理人开始提出动议,要求在许多邻国和其他欧洲国家承认涉嫌的集团破产为外国破产程序,其中大多数已通过了《贸易法委员会跨国法示范法》。边境破产。这是为了保护该集团的财产免遭各种有担保债权人(最引人注目的是最大的俄罗斯金融机构储蓄银行)以无序方式没收的行为,该银行对这些动议进行了不同程度的辩论。不过,这篇文章Lex Agrokor为更多一般性结论奠定基础。更准确地说,本文的目的是双重的。首先,要提出有力的论据,即从基于《示范法》的典型破产法(例如黑山)的角度出发,在Lex Agrokor的法律下发起的实际和未来集体诉讼均不应满足认可要求。其次,在前面的案例研究的基础上,通过确切地强调规范集体破产的国家法律不应该具有的特征,从而在采用《示范法》的国家中认可引入的程序,从而得出关于如何进一步促进关于集体破产的普遍方法的结论。 。
更新日期:2019-03-18
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