Details of Treaty No.136

European Convention on Certain International Aspects of Bankruptcy
Title European Convention on Certain International Aspects of Bankruptcy
Reference ETS No.136
Opening of the treaty Istanbul, 05/06/1990  - Treaty open for signature by the member States and for accession by non-member States
Entry into Force  - 3 Ratifications.
Summary

The Convention provides for the following mechanisms:

  • The Convention offers two possibilities when the bankrupt's assets are located in more than one State :

a) it enables liquidators appointed in the State in which a bankruptcy is opened to exercise some of their powers (administration, management and disposal of the debtor's assets) directly in the country in which the bankrupt's assets are located. Liquidators must, in such a case, comply with the national law of the State in which they intend to act.

b) it allows the opening of secondary bankruptcies. A secondary bankruptcy can be opened in any other Party in which bankrupts possess assets, without any need for their insolvency to be established, the main bankruptcy will be enough. The secondary bankruptcy is governed by the national law of the State in which it is opened.

  • When the creditors are spread over several States, the Convention provides for measures whereby they may be informed, and so enabled, to lodge their claims in the bankruptcy opened in another State in a straightforward manner and with few formalities.
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