The CJEU’s I.G.I. decision deals with an important aspect of creditor protection in divisions. The Court holds that the actio pauliana under Italian law may be applied to divisions, notwithstanding that such a protective measure is not foreseen in art. 146 and 153 Directive 2017/1132/EU. We argue that the Directive’s ex post protective measures should be understood as fully harmonizing provisions. The decision fails to strike the right balance between the interests of all relevant stakeholders involved, especially between different groups of creditors, and unduly impairs legal certainty. However, if one takes the decision as a basis, the judgment gives Member States considerable room to introduce or maintain additional safeguards in their national legal systems. We show that national legislators should not give in to this temptation, neither for domestic nor for cross-border divisions.

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债权人保护和分割——CJEU 做对了吗？

CJEU 的 IGI 决定涉及债权人保护的一个重要方面。法院认为，保利安娜诉讼根据意大利法律，可以适用于分割，尽管艺术中没有预见到这种保护措施。146 和 153 指令 2017/1132/EU。我们认为该指令的事后应将保护措施理解为完全统一的规定。该决定未能在所有相关利益相关者的利益之间取得适当的平衡，特别是在不同债权人群体之间，并且过度损害了法律确定性。但是，如果以该决定为依据，则该判决为成员国提供了在其国家法律体系中引入或维持额外保障措施的相当大的空间。我们表明，国家立法者不应该屈服于这种诱惑，无论是国内还是跨境分歧。