Bankrupt Insurer Dispute Stays May Reach Across EU Borders
Law360, London (July 16, 2020, 4:47 PM BST) -- An adviser to the European Union's top court proposed a test Thursday under the bloc's prudential regime for insurers that would allow bankruptcy litigation stays required in one country to be applied in other jurisdictions under certain conditions.
Advocate General Gerard Hogan laid out a test to decide whether a bankruptcy litigation stay can apply across borders within the European Union, after Bulgaria queried whether it should pause all litigation against a broke Cyprus-headquartered insurer in light of Cyprus' rule halting disputes once an insurer's license has been pulled and a provisional liquidator has been appointed.
In a nonbinding opinion, Hogan...
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