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Paschalidis P Freedom of Establishment and Private International Law For Corporations 2012 PDF
Paschalidis P Freedom of Establishment and Private International Law For Corporations 2012 PDF
Trust Co v Ebro Irrigation & Power Ltd [1954] Ont L Rep 463, 476–479
(Ont SC).
4WLM Reese & EM Kaufmann, ‘The law governing the corporate affairs:
choice of law and the impact of full faith and credit’ (1958) 58 Colum L Rev
1118, 1125–1126.
5Rammeloo (n1) 98–100.
6See paras 1.11–1.12.
7Articles 1202–1203 of the Russian Civil Code.
8 Rule 162(2) in Dicey, Morris & Collins (n2) para 30R-020.
9 Restatement Second, Conflict of Laws, para 297 (1971).
10 Ibid paras 301–302.
11 Ibid paras 303–310.
12 Dicey, Morris & Collins (n2) para 30–024.
13 Lazard Bros (n1); Presentaciones Musicales SA v Secunda [1994] Ch 271,
CA; The Kommunar No 2 [1997] 1 Lloyd’s Rep 8, 11, QB.
14 Sierra Leone Telecommunications (n2).
15Banco de Bilbao (n2); Presentaciones Musicales (n13) 277 & 283.
16 JH Rayner (Mincing Lane) Ltd v Department of Trade and Industry [1990]
Properties Ltd v ENIT [1989] 2 All ER 444, CA. This issue is also governed
by the law applicable to the agreements entered into by the company (see
Rule 162(1) in Dicey, Morris, & Collins).
18Pickering v Stephenson (1872) LR 14 Eq 322, Ch; Spiller v Turner [1897] 1
Ch 911, Ch.
19 National Bank of Greece and Athens SA v Metliss [1958] AC 509, HL;
Eurosteel Ltd v Stinnes AG [2000] 1 All ER (Comm) 964, 969.
20 Bank of Augusta v Earle 38 US 519 (1839); M Rosenberg, P Hay & RJ
Weintraub, Conflict of Laws: Cases and Materials (10th edn, The
Foundation Press Inc., 1996) 983.
21 Lancaster v Amsterdam Improvement Co 35 NE 964, 967, col. 2 (NY CA,
1894); Montgomery v Forbes 19 NE 342, 343 (Massachusetts Supr J Ct,
1889).
22 Paul v Virginia 75 US 168 (1868).
23 Rogers v Guaranty Trust Co of New York 288 US 123, 53 S Ct 295, 297–
1652 (1987).
28EF Scoles and others, Conflict of Laws (4th edn, West Group, St Paul,
July 1988).
30See Ch 2.I.C.
31 Mansfield Hardwood Lumber Co v Johnson 268 F 2d 317 (US Ct of Apps
(5th Cir), 1959); Western Air Lines, Inc v Sobieski 12 Cal Rptr 719
(California CA, 1961); Gries Sports v Modell 473 NE 2d 807, 810 (Ohio
SC, 1984); Yates v Bridge Trading Co 844 SW 2d 56 (Missouri Ct of Apps,
1992).
32 Western Air Lines (n31).
33 Mansfield (n31).
34ER Latty, ‘Pseudo-Foreign Corporations’ (1955) 65 Yale LJ 137.
35Kozyris (n28).
36Restatement Second, Conflict of Laws, para 302(g) (1971); EF Scoles (n28)
(1992) 81 RCDIP 70–72. Siège statutaire (statutory seat) is the place named
as seat in the corporate charter and corresponds best to the registered office
in English company law.
60Cass comm 18 October 1994, Paul Guez c Soc Emerson Europe SA
(2002) 36 Intl Law 1015, 1021–1022; for a list of German cases endorsing
the rule of the seat theory see G Hertel, ‘La loi nationale face aux structures
patrimoniales étrangères: la loi allemande’ [2001] RHDI 189, 201, 202 n47.
65Hertel (n64) 201–204.
66Ebke (n64) 1022, citing BGH BGHZ 1986, 296 (German Federal Court of
Cassation).
671896 Introductory Act to the Civil Code (Einführungsgesetz zum
English translation of Italian Law No 218 of 31 May 1995 (1st edn, Kluwer
Law International, The Hague 1997) 36–37.
70T Ballarino, Diritto Internazionale Privato (3rd edn Cedam, Padova 1999)
365–366; Cass civ (3) 10 December 1974 n 4172 (Italian Court of
Cassation) reported in G Bellagamba & G Cariti, Il sistema Italian del
diritto internazionale privato: Rassegna della giurisprudenza (1st edn,
Giuffrè, Milano 2000) 145–146.
71Simonetto, Trasformazione e fusione delle società: Società costituite
all’estero (2nd edn, Zanichelli, Bologna-Roma 1976) 389.
72Ballarino (n70).
73Ibid 365.
74Cass SU 16 November 2000 n14870 (2002) 38 RDIPP 193 (Italian Court of
Cassation).
75TC Drucker, ‘Companies in Private International Law’ (1968) 17 ICLQ 28.
76 Soviet Pan Am Travel Effort v Travel Comm Inc 756 FSupp 126, 131
(SDNY, 1991).
77Yates v Bridge Trading Co 844 SW 2d 56, 62 (Missouri Ct of Apps, 1992).
78Y Hadari, ‘The Choice of National Law Applicable to the Multinational
871.
80D Charny, ‘Competition among Jurisdiction in Formulating Corporate Law
1965, Soc Lamot Ltd c Willy Lamot (1967) 56 RCDIP 506, 510 (note). In
Germany though dissolution of the corporation was a prerequisite for the
transfer of the seat abroad: C Kersting, ‘Corporate Choice of Law—A
Comparison of the United States and European Systems and a Proposal for a
European Directive’ (2002) 28 Brook J Intl L 1, 39 n207; Ebke, (n64) 1036
n151&152, citing relevant German case law.
87Cass crim 31 January 2007, La Soc Elf Aquitaine et al.
<http://www.legifrance.gouv.fr/> accessed on 13 June 2011.
1 Council Regulation (EC) 44/2001 on jurisdiction and the recognition and
enforcement of judgments in civil and commercial matters [2001] OJ L12/1.
2 A Briggs & P Rees, Civil Jurisdiction and Judgments (4th edn, LLP, London-
Hong Kong 2005) para 2.52; The Deichland [1990] 1 QB 361, CA; The
Rewia [1991] 2 Lloyd’s Rep 325, 334–336, CA.
3 Para 10(4)(b) CJJO 2001: because under Greek law, the company is
domiciled in the UK where lies its real seat (Article 25(2) Greek Code of
Civil Procedure), provided that the formalities for transfer of seat to the UK
and change of nationality have been fulfilled otherwise the company will be
deemed to be domiciled in Greece, as a matter of Greek law.
4 Para 10(4)(a) CJJO 2001.
5 Article 25(2) Greek Code of Civil Procedure.
6 Para 10(2)(b) CJJO 2001.
7 A Briggs, ‘Decisions of British Courts During 2004 Involving Questions Of
noted that some take the view that English courts might have the possibility
of staying proceedings based on the reflexive effect of Article 22, which
seems to be a possibility not excluded by the ECJ in Case C-281/02 Owusu
[2005] ECR I-1383 [48]. See Georges Droz, ‘La Convention de San
Sebastian alignant la Convention de Bruxelles sur la Convention de Lugano’
(1990) 79 RCDIP 1, 14. Compare though with Case C-420/07 Apostolides v
Orams [2009] ECR I-3571.
9 Articles 42 and 43 of the French Code de procedure civile; §17(1) of the
Dansommer [2000] ECR I-393 [21]; Case C-343/04 ČEZ [2006] ECR I-
4557 [26].
19 P Jenard, ‘Report on the Convention on jurisdiction and the enforcement of
alicuius solvendae rei, secundum nostrae civitatis iura.’; JB Moyle (tr), The
Institutes of Justinian (5th edn, Oxford 1913): ‘An obligation is a legal
bond, with which we are bound by a necessity of performing some act
according to the laws of our State’.
29 Agnew v Länsförsäkringsbolagens AB [2001] 1 AC 223, HL; see also
Adrian Briggs, The Conflict of Laws (2nd edn, Clarendon Law Series, OUP,
Oxford 2008) 77.
30 On the interpretation of article 5(3) see Case C-21/76 Bier [1976] ECR
1735.
31 MV Benedettelli, ‘Conflicts of Jurisdiction and Conflicts of Law in
Company Law: Matters Within the EU “Market for Corporate Models”:
Brussels I and Rome I after Centros’ (2005) 16 EBLR 55, 75.
32 Restatement Second, Conflict of Laws paras 43–52 (1971).
33 Ibid para 47; Davenport Machine & Foundry Co v Adolph Coors Co 314
NW 2d 432 (Iowa SC, 1982).
34 Ketcham v Charles R Lister International Inc 400 A 2d 487, 489 (NJ Super
Ct App Div, 1979); Labbe v Nissen Corp 404 A 2d 564, 570 (Maine Supr J
Ct, 1979); Davenport v Coors (n33) 435.
35 Koster v (American) Lumbermens Mutual Casualty Co 330 US 518, 67 S Ct
Stake in Corporate Law’ (2009) 34 Del J Corp L 57, 122; In re Topps (n37)
958–959.
41 Stevelman (n40).
42 Ibid 124.
43 28 USCA §1332(a)(2).
44 HTL Sp ZOO v Nissho Corporation 538 SE 2d 525 (Georgia Ct of Apps,
2001). However, if the alien company has its worldwide principal place of
business in the USA, diversity jurisdiction exists: EF Scoles and others,
Conflict of Laws (4th edn, West Group, St Paul, Minnesota 2004) 1223 n1.
45 Caisse Nationale de Crédit Agricole v Chameleon Finance Co BV (ND Ill,
Cassation).
66 BGH BGHZ 2001, 341 (German Federal Court of Cassation).
1 [2010] OJ C83/47.
2 S Rammeloo, Corporations in Private International Law: A European
Perspective (1st edn, OUP, Oxford 2001) 29, n100; V Edwards, EC
Company Law (1st edn, Clarendon Press, Oxford 1999) 340.
3 Edwards (n2) 343.
4 Case C-270/83 Commission v France [1986] ECR 273.
5 T Tridimas, ‘The Case-Law of the European Court of Justice on Corporate
Entities’ (1993) 13 YEL 335, 338–339.
6 Case C-79/85 Segers [1986] ECR 2375.
7 Case C-81/87 Daily Mail [1988] ECR 5483.
8 For a summary of the facts see ibid 5485–5487; see also Opinion of AG
229, 235–236.
17 P Dyrberg, ‘Full Free Movement of Companies in the European Community
627–628.
35 Ibid; GS Gravir, ‘Conflict of Laws Rules for Norwegian Companies after
Companies Registar, Graz (Case number 6Ob 124/99z) [2001] 1 CMLR 38.
37 Ibid [22], n24. Denmark follows the Nordic theory of registration, namely
(2001) 22 Co Law 2–7, where she argued that Centros did not choose
between two theories but it merely applied the theory prevailing ‘in
Denmark in a case involving the interpretation of EU law as applied in
Danish law’; HS Birkmose, ‘A Market for Company Incorporations in the
European Union? – Is Überseering the Beginning of the End?’ (2005) 13
Tul J Intl & Comp L 55, 79–81, accepting that the Centros case narrowed
substantially the scope of the real seat theory.
50 Some authors draw a distinction between regulatory competition and
regulatory arbitrage. The former is used to describe the case when States
actively compete to attract incorporations. The latter is used for cases where
the States remain indifferent, but companies appear to prefer to incorporate
in one specific jurisdiction more than in any other. Although there appears
to be some merit in this theoretical distinction, the result in both cases is that
one specific State has an advantage over the others. The lack of practical
difference between the two terms is also manifested by the fact that a race to
the top or bottom remains possible under both approaches. This thesis will
use the term ‘regulatory competition’ for both instances. The pejorative
connotations of the term ‘arbitrage’ might justify the use of other terms to
draw this distinction where necessary, such as active and passive regulatory
competition, or State and non-State driven regulatory competition.
51 S Deakin, ‘Legal Diversity and Regulatory Competition: Which Model for
Europe?’ (2006) 12 ELJ 440.
52 M Siems (n39) 52; Ebke (n34) 640; KE Sørensen, ‘Prospects for European
Company Law After the Judgment of the European Court of Justice in
Centros Ltd’ (1999) 2 CYELS 203, 221.
53 Sørensen (n52) 210–211.
54 Centros (n27) [25].
55 Case C-33/74 Van Binsbergen [1974] ECR 1299 [13].
56 Case C-23/93 TV 10 [1994] ECR I-4795 [15].
57 Centros (n27) [29].
58 Case C-294/97 Eurowings Luftverkehr [1999] ECR I-7447 [44]; Case C-
315/02 Lenz [2004] ECR I-7063 [41] & [43].
59 KE Sørensen, ‘Abuse of rights in Community Law: A Principle of
Case C-264/96 ICI v Colmer [1998] ECR I-4695 [26]; Case C-397 &
410/98 Metallsgesellschaft [2001] ECR I-1727 [57]; Case C-9/02 de
Lasteyrie du Saillant [2004] ECR I-2409 [51]; Case C-436/00 X & Y [2002]
ECR I-10829 [44].
61 Centros (n57) [26].
62 Sørensen (n59) 445-447; Centros (n57) [38].
63 Case C-324/00 Lankhorst-Hohorst [2002] ECR I-11779; Lasteyrie du
Co Law 184.
69 Tridimas (n5) 344.
70 CA Düsseldorf JZ 2000, 203.
71 Überseering (n22) [13]–[20]; PS Ryan, ‘Case C-167/01 Kamer Van
Koophandel en Fabrieken voor Amsterdam v Inspire Art Ltd (ECJ
September 23, 2003)’ (2005) 11 Colum J Eur L 187, 193.
72 Überseering (n22) [13].
73 Ibid [14].
74 Ibid [15].
75 Ibid [16].
76 Ibid [17].
77 Ibid [18]–[20].
78 Überseering (n22) [26]–[28].
79 Ibid [52]–[55].
80 Ibid [30]–[32].
81 Ibid [65]–[66], [70]–[73]. This has been described as a disappointment in
Dashwood, European Union law (4th edn, Sweet & Maxwell, London 2000)
845–846.
90 Überseering (n22) [65]–[66] & [70]–[73].
91 Opinion of AG Colomer (n87) [38].
92 Ibid [38]–[39] (emphasis of the AG).
93 Überseering (n22) [77].
94 Ibid [81]–[82].
95 Ibid [93].
96 Ibid [94]–[95].
97 Chertok (n66) 513–515.
98 Robertson (n68) 185.
99 AJ Gildea, ‘Überseering: A European Company Passport’ (2004) 30 Brook
J Int L 257, 290–292; Ryan (n71) 195.
100 W Schön, ‘The Mobility of Companies in Europe and the Organizational
Freedom of Company Founders’ [2006] ECFLR 122, 137; K Baelz & T
Baldwin, ‘The End of the Real Seat Theory (Sitztheorie): the European
Court of Justice Decision in Überseering of 5 November 2002 and its
Impact on German and European Company Law’ (2002) 3 German LJ 5.
101 Bachner (n83); J Lowry, ‘Eliminating Obstacles to Freedom of
Establishment: The Competitive Edge of UK Company Law’ (2004) 63 CLJ
331, 342–345; R Drury, ‘A European Look at the American Experience of
the Delaware Syndrome’ (2005) 5 JCLS 1–35.
102 Dyrberg (n17).
103 P Lagarde, ‘Cour de justice des Communautés européennes. – 5 novembre
Deliberation about the Status Quo and the Fate of the Real Seat Doctrine’
(2010) 21(3) EBL Rev 413, 424.
114 See by analogy Case C-200/02 Zhu and Chen [2004] ECR I-9925 [34]–
[35], where it was held that the UK could not rely on an alleged abuse of
Irish law; Sørensen (n59) 447–452.
115 Ballarino (n20) 397.
116 Case C-120/78 Rewe v Bundesmonopolverwaltung für Branntwein [1979]
ECR 649.
117 Case C-369 & 376/96 Arblade [1999] ECR I-8453 [30]; M Fallon, ‘Cour
Fabrieken voor Amsterdam v Inspire Art Ltd’ (2004) 131 JDI 917, 924
(note).
142 Case C-167/01 Inspire Art [2003] ECR I-10155.
143 Ibid [22].
144 Ibid [23].
145 Menjucq (n141).
146 Inspire Art (n142) [34].
147 Ibid [36].
148 Council Directive (EEC) 89/666 concerning disclosure requirements in
1414.
198 Council Directive (EC) 2001/86 supplementing the Statute for a European
10805 [44]–[45].
206 Ibid.
207 Ibid [48].
208 Ibid [50].
209 Case C-411/03 Sevic Systems [2005] ECR I-10805 [21]–[22].
210 Ibid [28].
211 Ibid [30].
212 Daily Mail (n7) [16].
213 Schön (n100) 141.
214 Sevic (n209) [22].
215 Opinion of AG Tizzano (n205) [44]–[45] & [48]–[49]; P Behrens, ‘Case C-
411/03 Sevic Systems AG [2005] ECR I-10805’ (2006) 43 CML Rev 1669,
1678 (note).
216 Ibid [21]–[22]; MM Siems, ‘SEVIC: Beyond Cross-Border Mergers’ (2007)
8 EBOR 307, 309.
217 Siems (n216) 315.
218 See para 3.39.
219 Opinion of AG Sharpston in Case C-353/06 Grunkin & Paul [2008] ECR I-
7639 [48].
220 Ibid [49].
221 Ibid [50].
222 Ibid [65]–[66].
223 Ibid.
224 Ibid [65].
225 Ibid [72].
226 Ibid [75].
227 Ibid [78].
228 Ibid [82].
229 Ibid [83].
230 Ibid.
231 Ibid [91].
232 See eg Lagarde (n103).
233 Case C-353/06 Grunkin & Paul [2008] ECR I-7639 [19]–[20].
234 Ibid [28]–[29].
235 Ibid [38].
236 Ibid [34].
237 Ibid [35]–[37].
238 Ibid [39].
239 J Armour, ‘European Insolvency Proceedings and Party Choice: Comment’
(note).
241 Roth (n40).
242 Grunkin & Paul (n233) [39] (emphasis added).
243 Opinion of AG Sharpston in Grunkin & Paul (n219) [48]–[49].
244 Ibid [46].
245 Gebhard (n32) [37].
246 See Opinion of AG Sharpston in Grunkin & Paul (n219) [91].
247 Case C-148/02 Garcia Avello [2003] ECR I-11613.
248 See eg Greek Civil Code, Art 31; Belgian CDIP, Art 3(2)(1).
249 ILC, ‘Report of the International Law Commission on the work of its 58th
session’ (1 May–9 June & 3 July–11 August 2006) UN Doc A/61/10, Draft
Articles on Diplomatic Protection, draft article 9.
250 Opinion of AG Sharpston in Grunkin & Paul (n219) [37]; D Bureau & H
Muir Watt, Droit international privé (1st edn, PUF, Paris 2007) vol I, pp 33–
4.
251 Council Regulation (EC) 593/2008 on the law applicable to contractual
Dassonville [1974] ECR 837; Rewe (n116); Cases C-267/91 & 268/91 Keck
& Mithouard [1993] ECR I-6097) has the Court actually juxtaposed and
compared national laws. In all cases, it examined the compatibility of the
national provisions in question by sole reference to the Treaty.
253 Dassonville (n252) [5].
254 Keck & Mithouard (n252) [16].
255 Case C-442/02 Caixa-Bank France [2004] ECR I-8961 [11].
256 See Case C-210/06 Cartesio [2008] ECR I-9641 [123].
257 JP Niboyet, ‘Existe-t-il vraiment une Nationalité des Sociétés?’ (1927) 22
RCDIP 402; Léon Mazeaud, ‘De la Nationalité des Sociétés’ (1928) 55 JDI
30.
258 P Mayer & V Heuzé, Droit international privé (9th edn Montchrestien,
European Court of Justice confirms and refines its Daily Mail Decision in
the Cartesio Case C-210/06’ (2009) 6 ECFR 125, 135.
270 It should be noted that, according to Hungarian private international law,
the law applicable to a legal person is the law of the State in which it is
registered. It was a requirement of Hungarian company law, at that time,
that the real seat of a Hungarian company should be located at the statutory
seat. Law LXI of 2007 has redefined székhely as statutory seat and has
allowed Hungarian companies to move their real seat out of Hungary. See
Cartesio (n256) [17] & [20]; Korom & Metzinger (n269) 141–144, 158–
159.
271 Cartesio (n256) [102]–[103].
272 Ibid [124].
273 Ibid [107].
274 Ibid [109].
275 Ibid [110].
276 Ibid.
277 Ibid [112].
278 Ibid [113]; see also to same the effect Mucciarelli (n261) 296–298.
279 Ibid [115].
280 Charlie McCreevy, ‘Speech by Commissioner McCreevy at the European
691 (note).
288 Opinion of AG Maduro in Cartesio (n256) [24].
289 Korom & Metzinger (n269) 133.
290 Ibid 133–134.
291 Ibid.
292 Ibid 131.
293 Ibid 132.
294 Ibid.
295 Opinion of AG Maduro in Cartesio (n256) [28].
296 Ibid; Opinion of AG Tizzano in Sevic (n205) [45].
297 Timmermans (n24) 555.
298 M Szydlo ‘Case C-210/06 CARTESIO Oktató és Szolgáltató bt’ (2009) 46
CML Rev 703, 717–719 (note).
299 Timmermans (n24) 556.
300 Opinion AG Maduro in Cartesio (n256) [33].
301 Daily Mail (n7) [19]; Cartesio (n256) [104].
302 Cartesio (n256) [109] & [123].
303 See paras 3.127–3.136.
304 Cartesio (n256) [109].
305 M Menjucq, ‘Cartesio Oktató és Szolgáltató bt’ [2009] JCP G 10026,
10027 (note).
306 de Lasteyrie du Saillant (n60); Case C-470/04 N [2006] ECR I-7409.
307 Case C-38/10 Commission v Portugal [2010] OJ C80/18.
308 Cartesio (n256) [110].
309 See Ch 4.II.B.
310 J Heymann, ‘Case C-210/06 Cartesio’ (2009) 98 RCDIP 548 (note); J
Community after the Cartesio ruling of the ECJ’ [2010] JBL 311, 322–323.
315 C Kleiner, ‘Le transfert de siège sociale en droit international privé’ (2010)
15 February 2005)
<http://www.guardian.co.uk/eu/story/0,1710002,00.html> accessed 13 June
2011.
6 See para 4.31.
7 Presidency Conclusions at para 5 (Lisbon European Council, 23 & 24 March
the Council and the European Parliament) COM (2002) 441 final, 30 July
2002.
10 State of the Internal Market Report (n9) 15–22.
11 Ibid 70.
12 Services Dir 2006/123, Art 2(1).
13 Ibid, Recital 33.
14 Ibid, Recital 36.
15 Ibid, Recital 37.
16 Ibid.
17 Ibid, Arts 9–13.
18 Ibid, Art 10(2)(b).
19 Ibid, Art 14(1).
20 Commission (EC), ‘Handbook on Implementation of the Services Directive’
pp 38–43 <http://ec.europa.eu/internal_market/services/services-
dir/handbook_en.htm> accessed 13 June 2011.
21 Ibid 40 text to n78; Services Dir 2006/123, Art 14(3).
22 Case C-208/00 Überseering [2002] ECR I-9919.
23 Commission Handbook (n20) 39 text to n75.
24 Case C-167/01 Inspire Art Ltd [2003] ECR I-10155.
25 Commission Handbook (n20) 46 text to n95.
26 G Davies, ‘The Services Directive: extending the country of origin
principle, and reforming public administration’ (2007) 32 EL Rev 232, 235.
27 Ibid 236.
28 Commission (EC), ‘Proposal for a Directive of the European Parliament and
Direttiva 2006/123/CE sui servizi nel mercato interno: Una partita finita?’
(2007) 43 RDIPP 293, 300.
39 C Bremner, ‘Chirac has subdued Bolkestein’s monster – but he’s not safe
Reg, Art 9.
48 Article 6(2)(b) of 1980 Rome Convention has been superseded by Rome I
Rush Portuguesa[1990] ECR I-1417; Case C-43/93 Vander Elst [1994] ECR
I-3803; Joined Cases C-369/96 & 376/96 Arblade [1999] ECR I-8453.
53 Case C-165/98 Mazzoleni [2001] ECR I-2189 [30].
54 Brunn (n43) 91.
55 Position of the European Parliament adopted at first reading on 16 February
2006 <http://www.europarl.europa.eu/> accessed 13 June 2011.
56 Commission (EC), ‘Amended Proposal for a Directive of the European
Parliament and of the Council on services in the internal market’ COM
(2006) 160 final, 4 April 2006.
57 Services Dir 2006/123, Articles 4(2) and 4(5) & Recital 37.
58 Davies (n26) 245.
59 Commission proposal (n28) p 12.
60 Commission (EC), ‘Internal Market Strategy—Priorities 2003–2006’ COM
(2003) 238, 7 May 2005.
61 State of the Internal Market Report (n11).
62 Eurofood (n2).
63 Planzer Luxembourg (n2).
64 The status of the prohibition of abuse of law as a new general principle of
ECR 631; Case C-55/94 Gebhard [1995] ECR I-4165; Case C-221/89
Factortame and Others [1991] ECR I-3905; Case C-246/89 Commission v
United Kingdom [1991] ECR I-4585.
70 Cadbury Schweppes (n2) [66] (emphasis added).
71 Ibid [67].
72 Ibid [66] & [52].
73 See paras 4.55–4.58.
74 C Timmermans, ‘The Impact of EU Law on International Company Law’
40 JDI 1273.
90 Cour de Dijon (2) 24 November 1909, (1910) 37 JDI 892.
91 Trib civ Lille (1) 21 May 1908, Vanverts c West Canadian Collieries Ltd
Functional Approach (2nd edn, OUP, Oxford 2009) 131; Luca Enriques &
Martin Gelter, ‘How the Old World Encountered the New One: Regulatory
Competition and Cooperation in European Corporate and Bankruptcy Law’
(2007) 81 Tul L Rev 577, 613.
97 In Cass comm 28 October 2008 <http://www.legifrance.gouv.fr/> accessed
on 13 June 2011, the Cour de cassation actually dealt implicitly with the
concept of a letter-box domicile of a natural person. A German national,
believing that France is a good place to be a debtor, sought to be declared
insolvent in Colmar, a city located in Alsace, a few kilometres behind the
Franco-German border. The Cour de cassation held that by becoming the
sub-lessee of a 15 m2 flat and by remaining there irregularly he had failed to
demonstrate that his COMI is located in France, given that he worked in
Germany and all of his creditors were German banks.
98 West Canadian (n91).
99 Empirical research has shown that ‘one of the most frequent addresses used
by such companies is “Ground Floor Broadway House, 2–6 Fulham
Broadway, Fulham, London SW6 1AA”’ and that ‘it is the registered office
for 23,273 companies’: see M Becht, C Mayer & HF Wagner, ‘Where Do
Firms Incorporate? Deregulations and the Cost of Entry’ (2008) 14 J Corp
Fin 241, 253.
100 See para 4.15.
101 Cadbury Schweppes (n2) [66].
102 Ibid [55]; as to the scope of the term ‘wholly artificial arrangement,’ see R
Lyal, ‘Cadbury Schweppes and Abuse: Comments’, de la Feria & Vogenauer
(n64) 427, 433.
103 This is not an issue in banking or insurance enterprises, because their
registered office and the real seat should actually coincide in the same place.
See Opinion of AG Maduro in Cartesio (n76) [33]: ‘It might, for instance,
be possible for the Member State to consider that it will no longer be able to
exercise any effective control over the company and, therefore, to require
that the company amends its constitution and ceases to be governed by the
full measure of the company law under which it was constituted.’
104 WG Ringe, ‘Sparking Regulatory Competition in European Company Law:
The Impact of the Centros Line of Case Law and its Concept of “Abuse of
law”’ in de la Feria & Vogenauer (n64) 107, 113.
105 Case C-23/93 TV10 [1994] ECR I-4795; see also S Weatherill, ‘Fitting
Response’ in de la Feria & Vogenauer (n64) 128, 130; for a more reserved
view see P Farmer, ‘Prohibition of Abuse of (European) Law: The Creation
of a New General Principle of EU Law through Tax: A Response’ in de la
Feria & Vogenauer (n64) 3, 6.
120 Vella (n119) 128–130.
121 RR Kraakman et al, The Anatomy of Corporate Law: A Comparative and
Functional Approach (2nd edn, OUP, Oxford 2009) 131; J Hudson, ‘The
Limited Liability Company: Success, Failure and Future’ (1989) 161 Royal
Bank of Scotland Rev 26; H Eidenmüller, B Grunewald & U Noack,
‘Minimum Capital and the System of Legal Capital’ in Marcus Lutter (ed),
Legal Capital in Europe (Walter de Gruyter, Berlin 2006) 1, 25–27.
122 J Armour & D Cumming, ‘Bankruptcy Law and Entrepreneurship’ (2008)
formed in those states based on the number of shares they issue or, in some
cases, the amount of their assets.
9 Cary (n1) 668.
10 See Ch 2.II.A.
11 Cary (n1) 700.
12 Ibid 701–702.
13 The term ‘managerial costs’ implies the costs that arise out of an agency
problem. The latter arises whenever the welfare of one party, termed the
‘principal’ (in this case the shareholders), depends upon actions taken by
another party, termed the ‘agent’ (in this case the managers). In economists’
terms these broad terms capture a greater range of relationships than those
that would be characterised as agency by lawyers. For further information
on agency problems and legal strategies to resolve them in corporate law,
see RR Kraakman et al., The Anatomy of Corporate Law: A Comparative
and Functional Approach (2nd edn, OUP, Oxford 2009) pp 35–53; MM
Blair & LA Stout, ‘A Team Production Theory of Corporate Law’ (1999) 85
Va L Rev 247, 258–259; Item Software (UK) Ltd v Fassihi [2004] EWCA
Civ 1244, [2004] BCC 994 [66].
14 LA Bebchuk, ‘The Case for Increasing Shareholder Power’ (2005) 118 Harv
LR 833; LA Bebchuk, ‘Letting Shareholders Set the Rules’ (2006) 119 Harv
LR 1784.
15 Dammann & Schündeln (n2) 3.
16 LA Bebchuk & A Ferrell, ‘Federalism and Corporate Law: The Race to
Protect Managers from Takeovers’ (1999) 99 Colum LR 1168; LA Bebchuk,
A Cohen & A Ferrell, ‘Does the Evidence Favor State Competition in
Corporate Law?’ (2002) 90 CLR 1775.
17 RK Winter, ‘State Law, Shareholder Protection, and the Theory of the
Corporation’ (1977) 6 JLS 251, 275–276.
18 RK Winter, ‘Foreword’ in Romano (n1) xi.
19 Romano (n4) 15.
20 Ibid.
21 R Romano, ‘Empowering Investors: A Market Approach to Securities
Del J Corp L 1, 6.
28 eg, Securities Act 1933; Securities Exchange Act 1934 adopted as a
and Prospects’ in JAR Nafziger and SC Symeonides (eds), Law and Justice
in a Multistate World—Essays in Honor of Arthur T von Mehren
(Transnational Publishers, 2002) 309.
38 LA Hamermesh, ‘The Policy Foundations of Delaware Corporate Law’
525.
53 Hamermesh (n38) 1760.
54 LE Strine Jr, ‘The Delaware Way: How We Do Corporate Law and Some of
the New Changes We (and Europe) Face (2005) 30 Del J Corp L 673, 683.
55 Hamermesh (n38) 1772.
56 Roe (n27) 16–17.
57 Ibid.
58 Romano (n4) 37.
59 Hamermesh (n38) 1773.
60 Ibid 1774.
61 Ibid 1775.
62 Ibid 1776.
63 LA Bebchuk, ‘Federalism and the Corporation: The Desirable Limits on
Foundation’ (1991) J L Econ & Org 55; JC Alexander, ‘Do the Merits
Matter? A Study of Settlements in Securities Class Actions’ (1991) Stan L
Rev 497.
80 S Deakin, ‘Two Types of Regulatory Competition: Competitive Federalism
down’ in Richard Stubbs & GRD Underhill (eds), Political Economy and
the Changing Global Order (1st edn, Macmillan, London 1994) 163, 164.
87 Rajan & Zingales (n84) 39.
88 E Rabel, The Conflict of Laws: a Comparative Study (University of
Michigan Press, Ann Arbor 1947) vol II, pp 56.
89 JP Niboyet, Traité de Droit International Privé Français (2nd edn Sirey,
Paris 1947) vol 2, p 374–383.
90 Rajan & Zingales (n84) 38.
91 See Ch 4.II.C.i.
92 H Muir Watt, ‘Kamer van Koophandel en Fabrieken voor Amsterdam v
Inspire Art Ltd’ (2004) 93 RCDIP 151, 177 (note); M Menjucq, ‘Kamer van
Koophandel en Fabrieken voor Amsterdam v Inspire Art Ltd’ (2004) 131
JDI 917, 926 (note).
93 F Munari, ‘Riforma del diritto societario italiano, diritto internazionale
Deregulations and the Cost of Entry’ (2008) 14 J Corp Fin 241, 248.
113 PC Leyens, ‘German Company Law: Recent Developments and Future
I-2409.
140 The details of both these exits were narrated to the author of this thesis by
Philip Baker QC, a tax barrister at Gray’s Inn, who advised several of the
companies involved in the exodus (personal communication 5 March 2009).
141 J Cooklin, ‘Corporate exodus: when Irish eyes are smiling’ (2008) 6 BTR
613.
142 See eg De Beers Consolidated Mines, Ltd v Howe (Surveyor of Taxes)
[1906] AC 455, HL; Unit Construction Co Ltd v Bullock [1960] AC 351,
HL. However, HMRC have never fully accepted this interpretation of the
relevant case-law.
143 HMRC do not longer take the view that the place of effective management
is necessarily the place of central management and control and have,
unsuccessfully so far, tried to introduce legislation to that effect: see HRMC,
International Tax Handbook ITH-348.
144 Ringe (n95) 124.
1 [2000] OJ L160/1.
2 Ibid Recital 33; Denmark has been exempt from the field of application of
the Regulation. Henceforward references to the EU in the context of the
Insolvency Regulation should be taken to exclude Denmark.
3 Ibid, Recitals 2–3.
4 Article 1(2) excludes from the Scope of the Regulation insurance
undertakings, credit institutions, investment undertakings which provide
services involving the holding of funds or securities of third parties and
collective investment undertakings. Their insolvency is governed by a
special regime.
5 Re BRAC Rent-A-Car International Inc [2003] 2 All ER 201, Ch; Re
Ci4net.com Inc [2004] EWHC 1941, [2005] BCC 277, Ch; Re Sendo Ltd
[2006] 1 BCLC 395, Ch; Pillar Securisation Sarl v Spicer & Shinners
[2010] EWHC 836, Ch; IF Fletcher, Insolvency in Private International Law
(2nd edn, OUP, Oxford 2005) 365–366; Gabriel Moss, IF Fletcher & S
Isaacs (eds), The EC Regulation on Insolvency Proceedings: A Commentary
and Annotated Guide (2nd edn, OUP, Oxford 2009) 45.
6 Case C-396/09 Interedil [2011] ECR (not yet published) [44].
7 Case C-341/04 Eurofood [2006] ECR I-3813; Interedil (n6).
8 Ibid [30]; see also Interedil (n6).
9 Eurofood (n7) [32]–[33].
10 Ibid [34].
11 Ibid [35].
12 Ibid [36]; the same test is repeated in Case C-444/07 MG Probud Gdynia
Convention never entered into force as the UK withheld its signature. See
Fletcher (n5) 352–354. However, the text of the Convention was enacted as
Regulation 1346/2000. The Report can thus be used as authoritative
interpretation of the Regulation.
15 Ibid [75].
16 Opinion of AG Jacobs in Eurofood (n7) [111].
17 Ibid [114].
18 Ibid [113].
19 Opinion of AG Jacobs in Eurofood (n16) [117].
20 Ibid [118].
21 Ibid [119]–[122].
22 Ibid [124].
23 Interedil (n6) [10]–[16]; see also Cass SU 20 May 2005 n 10606 (2006) 42
RDIPP 432 (Italian Court of Cassation). For further analysis of the Italian
judgment see Ch 7.III.B.
24 Interedil (n6) [50]; see also Opinion of AG Kokott in Interedil [69].
25 Interedil (n6) [49].
26 Ibid [53].
27 See AG Kokott in Interedil (n6) [72] discussed below at Ch 7.III.B.
28 Interedil (n6) [50].
29 Interedil (n6) [51].
30 Interedil (n6) [49].
31 Greek Civil Code, Art 145(2); §122(2) BGB.
32 E Peel (ed), Treitel: The Law of Contract (12th rev edn, Sweet & Maxwell,
[55]: ‘It is important, therefore, to have regard not only to what the debtor is
doing but also to what he would be perceived to be doing by an objective
observer’; Moss, Fletcher & Isaacs (n5) 46.
35 The use of the term ‘objective’ should not be confused with the use of the
swiftest?’ (2006) 65 CLJ 505, 506; see also P Torremans, ‘Coming to Terms
with the COMI Concept in the European Insolvency Regulation’ in PJ
Omar, International Insolvency Law: Themes and Perspectives (Ashgate,
Aldershot 2008) 173, 179.
40 See para 6.124.
41 Interedil (n6) [49].
42 Re Stanford International Bank Ltd [2009] EWHC 1441, [2009] BPIR 1157,
Ch [62] & [70]; aff’d [2010] EWCA Civ 137, [2010] 3 WLR 941 [55]–[56].
43 Re Stanford, CA (n42) [56].
44 Ibid
45 Baden v Société Générale [1993] 1 WLR 509, 575–576, Ch; see also para
6.39.
46 R Zimmermann, The Law of Obligations: Roman Foundations of the
Guide on Insolvency Law’ (2005) New York p 41, recommended for due
consideration to all States by UNGA Res 59/40 (2 December 2004) UN Doc
A/RES/59/40; I Mevorach, ‘The “home country” of a multinational
enterprise group facing insolvency’ (2008) 57 ICLQ 427, 437.
63 See para 6.22.
64 See para 6.18; see also The Honourable SL Bufford, ‘Center of Main
Lure).
74 AG Nuremberg NZI 2007,185 (Hans Brochier Holdings Ltd); see also the
155, Ch. The head office approach was also rejected by the Amsterdam
District Court in BenQ Mobile Holding BV [2008] BCC 489.
99 Re Stanford (Ch) (n42) [61] & [63]; Re Stanford, CA (n42) [56] & [159].
100 Ibid, CA [152].
101 See Re Gallery Capital SA (Ch, 21 April 2010) [18]. Re Stanford though is
not the first case to take this approach to the COMI. For an earlier case
where particular attention is paid to objective criteria which are
ascertainable see El-Ajou v Dollar Manhattan [2005] EWHC 2551, Ch.
102 Interedil (n6) [50]–[51].
103 Re Ci4net.com (n88) [24].
104 Ibid [33].
105 Re Daisytek (n65); UNCITRAL, ‘Developments in insolvency law:
adoption of the UNCITRAL Model Law on Cross-Border Insolvency; use of
cross-border protocols and court-to-court communication guidelines; and
case-law on interpretation of “centre of main interests” and “establishment”
in the European Union’ (Vienna, 4–15 July 2005) UN Doc A/CN.9/580 at p
13.
106 Re Aim (n75); UNCITRAL (n105) 14.
107 BenQ Mobile (n98) 495; B Wessels, ‘BenQ Mobile Holding BV battlefield
13 June 2011.
110 Soc Trading Logistics (n92).
111 Re 3T Telecom (n75) [7].
112 Re Ci4net.com Inc (n88) [22].
113 Re Aim (n75).
114 Parmalat Capital Netherlands (n75).
115 Pending the decision of the Court of Cassation on the Daisytek case (CA
allow for the court of recognition to review the jurisdiction of the court that
opened main insolvency proceedings.
125 UNCITRAL (n122) at para 12.
126 On the recent work of the UNCITRAL and the merits of the COMI as the
work of its thirty-sixth session’ (New York, 18–22 May 2009) UN Doc
A/CN.9/671.
128 Ibid.
129 AG Siegen NZI 2004,673 (Zenith Maschinenfabrik Austria GmbH); Re
(SDNY 2007).
180 Ibid.
181 Ibid 117. Neither the legislative history nor case-law indicate the occasions
(Bkrtcy SDNY 2007), aff’d 389 BR 325 (SDNY 2008); In re Basis Yield
Alpha Fund (Master) 381 BR 37, 47 (Bkrtcy SDNY 2008); In re Petition of
Ernst & Young Inc 383 BR 773, 779 (D Colorado 2008); In re Innua
Canada Ltd (Bkrtcy DNJ, 15 April 2009); In re British American Insurance
Company Ltd 425 BR 884, 909 (Bkrtcy SDFla 2010); In re Fairfield Sentry
Ltd 440 BR 60, 64–65 (SDNY 2010).
195 In re British American Isle of Venice (BVI) Ltd 441 BR 713, 720 & 722–
to believe that the European and the US COMI test was the same. He
reached this conclusion because Drain J in Re Sphinx had quoted the ruling
in Eurofood and in particular the phrase ‘objective factors ascertainable by
third parties’ (see Re Stanford, CA [55] at n42).
220 Re Stanford, Ch (n42) [68]–[69]. For an opposite conclusion see LC Ho,
Quebec) [35], aff’d 2009 CarswellQue 13051 (CA Quebec). The term
‘nerve center’ is also met in US bankruptcy case-law: In re Fairfield (n194)
64.
222 Ibid [36]. Same test was applied and same conclusion was reached by
in part on other grounds by Rubin & Anor v Eurofinance SA & Ors [2010]
EWCA Civ 895, [2011] 2 WLR 121; Re Alitalia Linee Aeree Italiane SpA
[2011] EWHC 15, Ch; [2010] 1 All ER 81.
240 In re Bear Stearns (n194) 129.
241 Ibid 125–126.
242 UNCITRAL, ‘Insolvency Law: Interpretation and application of selected
[18].
12——, ‘Forum Shopping Reconsidered’ (1990) 103 Harv L Rev 1677.
13 Covey Gas & Oil Co v Checketts 187 F 2d 561, 563 (US CA 9th Cir 1951).
14 Erie Railroad v Tompkins 304 US 64, 58 S Ct 817 (1938); in Hanna v
Plumer 380 US 460, 85 S Ct 1136, 1142 (1965) the US Supreme Court held
that the two policies underlying the Erie doctrine were the ‘discouragement
of forum-shopping and avoidance of inequitable administration of the laws’.
15 Klaxon Co v Stentor Electric Manufacturing Co 313 US 487, 61 S Ct 1020
(1941).
16 Goad v Celotex Corp 831 F 2d 508, 512 n12 (US CA 4th Circ 1987).
17 De Santis v Hafner Creations Inc 949 F Supp 419, 424 n14 (ED Va 1996).
18 B Audit, Droit international privé (4th edn Economica, Paris 2006) 219.
19 Cass civ 18 March 1878 Princesse de Bauffremont c Prince de Bauffremont
(1878) 5 JDI 505; B Ancel, Cass civ 17 May 1983 Soc Lafarge (1983) 72
RCDIP 346 (note).
20 B Ancel & Y Lequette, Les grands arrêts de la jurisprudence française de
1986) p x.
29——, ‘Forum Shopping Reconsidered’ (n12) 1692.
30 Pennzoil Co v Texaco Inc 481 US 1, 24 (1987) (Marshall J).
31 The Atlantic Star (n8) (Lord Reid).
32 Opinion of AG Colomer in Case C-339/07 Seagon [2009] ECR I-767 n49.
33 de Vareilles-Sommières (n22) 51.
34 See Opinion of AG Colomer in Case C-1/04 Staubitz-Schreiber [2006] ECR
success of a CVA.
42 RR Kraakman et al., The Anatomy of Corporate Law: A Comparative and
Competition’ (2008) 106 Mich L Rev 1229, arguing against the bundling of
the connecting factors of the applicable corporate and tax law and in favour
of encouraging regulatory competition by allowing entrepreneurs to choose
the best corporate law and the best tax law.
77 H Eidenmüller, ‘Abuse of Law in the Context of European Insolvency Law’
in R de la Feria & S Vogenauer (eds), Prohibition of Abuse of Law: A New
General Principle of EU Law? (Hart Publishing, Oxford 2011) 137. An
earlier version of this article was published as: H Eidenmüller, ‘Abuse of
Law in the Context of European Insolvency Law’ (2009) 6 ECFLR 1.
78 Ibid 142.
79 Ibid 143.
80 Case C-110/99 Emsland-Stärke [2000] ECR I-11569 [53].
81 See e.g. Eidenmüller (n77) 144.
82 Ibid 146; see also to the same extent J Armour, ‘Abuse of European
on jurisdiction in a way that its own interests are safeguarded; see para 7.27.
85 See also Armour (n82).
86 Eidenmüller (n77) 147.
87 Such cases are not unlikely. See Comm Nanterre 19 May 2005 SAS ROVER
Ch [4].
129 D Milman, ‘The European input into UK company law: an overview of
recent developments’ [2010] Co LN 1, 3.
130 R Watts & C Newell, ‘Firms flock to “bankruptcy brothel” UK’ The
Sunday Times (7 March 2010).
131 Ibid; see also B Wessels, ‘COMI: past, present and future’ (2011) 24 Insolv
Int 1, 2–3.
132 Opinion of AG Kokott in Interedil (n65) [71]; for further analysis see paras
7.103–7.104.
133 Ibid [72].
134 Re Hellas Telecommunications (n128) [6]–[7].
135 See to this effect Re European Directories (DH6) BV [2010] EWHC 3472,
dismissing the argument based on Daily Mail that a Member State can
prevent a company incorporated under its laws to move its registered office
abroad.
157 Cartesio (n125) [111].
158 See para 7.103.
159 Insolvency Regulation, recital 14; see also Opinion of AG Kokott in
Interedil (n65).
160 Mucciarelli (n154) 532–533.
161 See paras 7.51–7.71.
162 Cass SU 28 July 2004 n 14348 (2005) 41 RDIPP 441 (Italian Court of
Cassation).
163 Cass SU 16 February 2006 n 3368 (2006) 42 RDIPP 1074 (Italian Court of
Cassation).
164 Council Regulation (EC) 2157/2001 on the Statute for a European
Establishment’ (2007) 7 JCLS 185, 207, where he has made this argument
with regard to the transfer of the registered office of the SE.
186 Case C-167/01 Inspire Art [2003] ECR I-10155 [135].
187 Ringe (n51) 592–593.
188 Cross-border Mergers Directive, recital 2.
189——, (Case Study 2005: Deutsche Nickel GmbH at the old official website
published) [71].
9 See JL Westbrook, ‘A Global Solution to Multinational Default’ (2000) Mich
L Rev 2276.
10 The fees for conducting insolvency cases are very high: see J Armour, A
Hsu & A Walters, ‘The Costs and Benefits of Secured Creditor Control in
Bankruptcy: Evidence from the UK’ (2006) University of Cambridge Centre
for Business Research Working Paper No. 332/2006
<http://papers.ssrn.com/sol3/papers.cfm?abstract_id=912302> accessed 13
June 2011; AL Paskay & FP Wolstenhome, ‘Chapter 11: A Growing Cash
Cow, Some Thoughts on How to Rein in the System’ (1993) 1 Am Bankr
Inst L Rev 331; LA Weiss, ‘Bankruptcy Resolution: Direct Costs and
Violation of Priority Claims’ (1990) 27 J Fin Econ 285, 285–289; G
McCormack, ‘Jurisdictional competition and forum shopping in insolvency
proceedings’ (2009) 68(1) CLJ 169, 179–180.
11 The extent to which old employees may be replaced by new ones in a
restructuring is governed by Council Directive (EC) 2001/23 on the
approximation of the laws of the Member States relating to the safeguarding
of employees’ rights in the event of transfers of undertakings, businesses or
parts of undertakings or businesses [2001] OJ L82/16, Arts 5 & 6.
12 LM LoPucki, ‘Cooperation in International Bankruptcy: A Post-Universalist
Approach’ (1999) 84 Cornell L Rev 696, 739; LoPucki (n3); see also LM
LoPucki, ‘Universalism Unravels’ (2005) 79 Am Bankr LJ 143.
13 RK Rasmussen, ‘Resolving Transnational Insolvencies Through Private
Ordering’ (2000) 98 Mich L Rev 2252, 2264–2266. The terminology is
derived from LA Bebchuk and JM Fried, ‘The Uneasy Case for the Priority
of Secured Claims in Bankruptcy’ (1996) 105 Yale LJ 857. ‘Fully adjusting
creditors’ is a term employed to connote creditors who price their
transactions such that each transaction offers, ex ante, a market rate of
return. In providing credit, such creditors take into account the possibility of
an attempt to forum shop on behalf of the debtor. Therefore, this would lead
debtors in selecting an insolvency regime that can reduce the cost of credit.
‘Non-adjusting creditors’ are those who cannot adjust the individual rate of
interest. However, there are strong non-adjusting creditors who can adjust
their overall interest rate so as to earn a competitive rate of return and there
are weak non-adjusting creditors who cannot adjust their policy in response
to a change in policy of their debtor.
14 H Eidenmüller, A Engert & L Hornuf, ‘Incorporating Under European Law:
2005) 23.
33 See P Théry, ‘L’évolution du droit des procédures collectives en France’ in