9 Amendments of Engin EROGLU related to 2022/0408(COD)
Amendment 47 #
Proposal for a directive
Recital 3
Recital 3
(3) Insolvency proceedings ensure the orderly winding down or restructuring of companies or entrepreneurs in financial and economic distress. These proceedings are key in financial investments, as they determine the final recovery value of such investments. Diverging rules among Member States have contributed to increasing legal uncertainty and unpredictability about insolvency proceedings’ outcome, so raising barriers especially for cross-border investments in the internal market. This uncertainty acts as a disincentive which obstructs the freedom of establishment of undertakings and the willingness to entrepreneurship thus harming the proper functioning of the internal market. Small and medium- sized enterprises, in particular, often lack the necessary resources to assess risks related to cross-border activities. Large divergences in recovery value and time required to complete insolvency proceedings across the Union have negative repercussions on cost predictability for creditors and investors in cross-border situations in the internal market.
Amendment 50 #
Proposal for a directive
Recital 4
Recital 4
(4) The integration of the internal market in the area of insolvency laws pursued by this Directive is a key tool for a more efficient functioning of the capital markets in the European Union, including greater access to corporate financing, while also preventing the build-up of non- performing loans (NPL). Therefore, it is necessary to set out minimum requirements in targeted areas of national insolvency proceedings, which have a significant impact on the efficiency and length of such proceedings, especially on cross-border insolvency proceedings.
Amendment 71 #
Proposal for a directive
Article 6 – paragraph 2 – subparagraph 1 – point b
Article 6 – paragraph 2 – subparagraph 1 – point b
(b) that creditor knew, or should have known, that the debtor was unable to pay its mature debts or that a request for the opening of insolvency proceedings has been submitted.
Amendment 75 #
Proposal for a directive
Article 8 – paragraph 1 – subparagraph 1 – point b
Article 8 – paragraph 1 – subparagraph 1 – point b
(b) the other party to the legal act knew or should have known of the debtor’s intent to cause a detriment to the general body of creditors.
Amendment 91 #
Proposal for a directive
Article 23 – paragraph 1
Article 23 – paragraph 1
Member States shall ensure that during the preparation phase, where the debtor is in a situation of likelihood of insolvency or is insolvent in accordance with national law, the debtor can benefit from a stay of individual enforcement actions in accordance with Articles 6 and 7 of Directive (EU) 2019/1023, where it facilitatesnecessary for the seamless and effective roll- out of the pre-pack proceedings. The monitor shall be heard prior to the decision on the stay of individual enforcement actions.
Amendment 98 #
Proposal for a directive
Article 27 – paragraph 1 – subparagraph 2 a (new)
Article 27 – paragraph 1 – subparagraph 2 a (new)
This does not apply to credit and financial service contracts.
Amendment 99 #
Proposal for a directive
Article 27 – paragraph 2 – subparagraph 2 a (new)
Article 27 – paragraph 2 – subparagraph 2 a (new)
Subparagraph 1 shall not apply to executory contracts regarding lease and tenancy agreements entered into by the debtor as a landlord or tenant concerning other property transferred to a third party who financed its acquisition or production as security.
Amendment 137 #
Proposal for a directive
Article 46 – paragraph 1
Article 46 – paragraph 1
Amendment 138 #
Proposal for a directive
Article 48 – paragraph 2
Article 48 – paragraph 2
(2) The assets of the insolvency estate shall include assets in the possessionwhich were the property of the debtor at the time of the opening of simplified winding-up proceedings, assets acquired after the submission of the request for opening of such proceedings and assets recovered through avoidance actions or other actions.