The Court of Justice delivered yesterday (6 June 2018) its judgment in case C‑250/17 (Virgílio Tarragó da Silveira v Massa Insolvente da Espírito Santo Financial GroupSA), which is about the Insolvency Regulation:

“Article 15 of Council Regulation (EC) No 1346/2000 [applies] to a lawsuit pending before a court of a Member State seeking an order that a debtor pay a sum of money due under a contract for the provision of services and pay monetary damages for failure to comply with that contractual obligation, in the event that (i) the debtor was declared insolvent in insolvency proceedings opened in another Member State; and (ii) the declaration of insolvency applies to all of the debtor’s assets”.

Reminder: Article 15 of the Insolvency Regulation provides that “The effects of the insolvency proceedings on a lawsuit pending concerning an asset or a right of which the debtor has been divested shall be governed solely by the law of the Member State in which that lawsuit is pending”.

Source: here.

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