The effect of the EC insolvency regulation on maritime claims

Abstract

This research project shall endeavour to examine the general provisions of Council Regulation (EC) No 1346/2000 of 29 May 2000 on insolvency proceedings (‘EU Insolvency Regulation’) from a maritime perspective, focusing particularly on third party rights in rem against assets of insolvent debtors. The author shall also endeavour to review relevant domestic jurisprudence as well as case law delivered in the courts of other EU Member States on the subject matter to determine whether the provisions of this Regulation in respect to third party rights in rem are being interpreted and/or applied similarly in all Member States and consequently, whether within the context of insolvency in the realm of shipping, this Regulation has achieved its goals. The first chapter is an introduction and briefly explains the historical need for the EC Insolvency Regulation and then undertakes to analyse the general provisions thereunder. The second chapter focuses on rights in rem under Maltese law. It also reviews the body of existing case law on this subject matter. The third chapter enters into a detailed examination of the provisions relating to third party rights in rem and their consequent effects on creditors with such claims against assets of insolvent EU debtors. The fourth chapter endeavours to highlight the shortcomings or lacunas of the EC Insolvency Regulation and also discusses the effects of the relevant changes in the new Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings (recast), which will enter into force in 2017), to see whether any identified failings have been addressed. A summary of the research project’s main findings and on whether the provisions of the new Recast Regulation could create other ‘uncertainties’ within the above context, is provided in the concluding chapter.