Cross-Border Insolvency

ECJ, ERSTE Bank Hungary, C -527/10, July 05, 2012

The question referred to the European Court of Justice was whether the Article 5(1) of Council Regulation (EC) No. 1346/2000 dated May 29, 2000 regarding insolvency proceedings was applicable in the context of civil proceedings concerning the existence of a right in rem, Namely, the question pertained to a security circumstance in which the property to which that right referred, such as a sum of money paid into court, was situated in a state which had not yet been a Member State of the European Union when the insolvency proceedings had been opened in an Member State, but which then became a Member State when the action which gave rise to the judicial proceedings had been brought.