Securities and Insolvency in selected CEE countries in the Light of the European Capital Markets Union


Type Research Project

Funding Bodies
  • ERSTE Bank der √∂sterreichischen Sparkassen

Duration June 1, 2016 - Nov. 1, 2017

  • Research Institute for CEE Legal Studies FI (Details)

Tags

Press 'enter' for creating the tag
  • Bauer-Mitterlehner, Ingeborg (Details)
  • Cierpial-Magnor, Romana (Details) Project Head
  • Masurova, Angelika (Details)
  • Vecsey, Marc (Details)
  • Winner, Martin (Details) Project Head
 

Abstract (German)

The project's scientific objective is to research certain legal issues of credit collaterisation and insolvency proceedings in selected Central and Eastern European countries (Czech Republic, Poland, Slovakia and Hungary ) in the light of the new challenges addressed in this field by the European Commission's initiative to create a Capital Markets Union from the practical viewpoint of the lender.
The predominant real securities (mortgage, pledge, transfer by way of security, etc.) do not always provide the protection creditors would expect. Additionally, recently time-honoured practices have to be adapted as far-reaching changes have been made to the legal framework for physical securities and insolvency proceedings in many CEE-countries within the last three to five years.
These topics are also in line with the EU's current political priorities to establish a Capital Markets Union, as the design of insolvency proceedings and their interaction on the single market affect the costs and patterns of credit supply to the economy.
As a follow-up of a current FOWI project, we plan to exploit the know-how gained and investigate the specific legal issues regarding collateral during insolvency proceedings that might be an obstacle not only for the EU initiative, but also for banks and other lenders in four selected CEE countries.
The planned project will provide profound analyses to the benefit of both the academic and the business community on the one hand, via comparative publications, on the other, via a book presentation at the end of the project.


Abstract (English)

The project's scientific objective is to research certain legal issues of credit collaterisation and insolvency proceedings in selected Central and Eastern European countries (Czech Republic, Poland, Slovakia and Hungary ) in the light of the new challenges addressed in this field by the European Commission's initiative to create a Capital Markets Union from the practical viewpoint of the lender.
The predominant real securities (mortgage, pledge, transfer by way of security, etc.) do not always provide the protection creditors would expect. Additionally, recently time-honoured practices have to be adapted as far-reaching changes have been made to the legal framework for physical securities and insolvency proceedings in many CEE-countries within the last three to five years.
These topics are also in line with the EU's current political priorities to establish a Capital Markets Union, as the design of insolvency proceedings and their interaction on the single market affect the costs and patterns of credit supply to the economy.
As a follow-up of a current FOWI project, we plan to exploit the know-how gained and investigate the specific legal issues regarding collateral during insolvency proceedings that might be an obstacle not only for the EU initiative, but also for banks and other lenders in four selected CEE countries.
The planned project will provide profound analyses to the benefit of both the academic and the business community on the one hand, via comparative publications, on the other, via a book presentation at the end of the project.

Publications

Chapter in edited volume

2018 Bauer-Mitterlehner, Ingeborg. 2018. Das russische Restrukturierungs- und Insolvenzrecht - unter Ber√ľcksichtigung der Besonderheiten der Verbraucherinsolvenz. In: Sanierung, Reorganisation, Insolvenz, Hrsg. Winner/Cierpial-Magnor, 39-54. Wien: Facultas,wuv/Nomos Verlag. (Details)

Classification