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Definition of Insolvency

By (author) Reinhard Bork, By (author) Michael Veder, By (author) Ben Schuijling

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normal price: R 6,471.95

Price: R 5,824.95

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| book description |

The European Union is striving to harmonise insolvency law; despite using terms such as ""insolvency"" and ""inability to pay debts"", it has not yet defined them. Given that the understanding of these terms in national laws is quite varied, this book, which presents the results of a research project, records in detail the definitions of the terms ""inability to pay debts"", ""cessation of payments"", ""likely or imminent inability to pay debts"", and ""overindebtedness"" in the national laws of all EU Member States (as well as the UK) via detailed questionnaires. On this basis, it sets out proposals for definitions, the adoption of which is recommended to the European legislator. This is accompanied by impact assessments in which the members of the working group comment on how the adoption of the proposals into European law would affect the rights of the Member States.