The Undertaking as an Alternative to Secondary Insolvency Proceeding in Romania and in Hungary - A comparative analysis
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Date
2021
Journal Title
Journal ISSN
Volume Title
Publisher
Károli Gáspár Református Egyetem Állam- és Jogtudományi Kar
Abstract
The differences between Member States with regard to substantive and procedural rules a common source of difficulties in cross-border dimension. The same is true for insolvency proceedings. Among others, Regulation 2015/848 of the European Parliament and the Council on insolvency proceedings (hereinafter: EIR-R) provides some new legal instruments to limit the possibility of secondary insolvency proceedings. Undertaking (Art. 36.) is one of the new features, and was not known before in Continental legal systems. We consider that the application of an undertaking in different insolvency regimes also causes some difficulties. To demonstrate this assumption, we will compare the Romanian and the Hungarian legislation in this field and show the differences and similarities.