Details of Treaty No.136
|Title||European Convention on Certain International Aspects of Bankruptcy|
|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.|
The Convention provides for the following mechanisms:
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.
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