Law Amending The Bankruptcy Act, Etc.. (Cross-Border Insolvency Proceedings)

Original Language Title: Lov om endringer i konkursloven mv. (grenseoverskridende insolvensbehandling)

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Read the untranslated law here: https://lovdata.no/dokument/NL/lov/2016-06-17-55

Law amending the Bankruptcy Act, etc.. (Cross-border insolvency proceedings)


Date LOV-2016-06-17-55


Affairs Ministry of Justice

Edited



Published in 2016 Booklet 8


Commencement King decides

Changes

LOV-1984-06-08-58, LOV-2005-06-17-90

Promulgated
17/06/2016

Short Title
changes to bankruptcy law, etc..

Chapter Overview:

I
II
III

I

In Law 8 June 1984 No.. 58 about debt negotiation and bankruptcy is amended as follows:
§ 145 second paragraph second sentence should read:
This applies even if the estate's counterparty has general jurisdiction abroad.
§ 146 first paragraph, first and second sentence should read:
Have Norwegian courts authority under § 161, first paragraph, and the debtor's business is registered in the Company Register, hear treatment under court in the judicial district where the debtor has its main interests. Is the debtor's business is not registered in the Company Register, hear treatment under court in the judicial district where the debtor has jurisdiction for Disputes Act § 4-4 and § 4-3 subsection.
New fourth section should read:

Fourth part. Cross-border insolvency proceedings, etc.

§ 161. The District Court's jurisdiction in international relations

Debt negotiation or bankruptcy involving the debtor's total capital, can only be opened in Norway if the debtor has its main interests here. Unless otherwise shown, regarded companies and other impersonal legal entities having their main interests in the registered home state, or, failing such, the statutory home state.
Is debtor a Norwegian-registered foreign companies with major interests in another state, and that there have not been opened insolvency proceedings referred to in the first paragraph may court in a jurisdiction where the debtor has a place of business, open bankruptcy involving enterprise fortune in Norway (særkonkurs) if

A)
law of the State where the debtor has its main interests, does not allow that opens insolvency proceedings involving the debtor's total capital, or

B)
requested by a claimant who has his domicile, his usual place of residence or his home in Norway, or who have a claim arising out of or related to the debtor's business in Norway.

Is debtor a Norwegian-registered foreign companies with major interests in another state, and that is opened insolvency proceedings referred to in § 163, first paragraph of the enterprise, can the district court in a jurisdiction where the debtor has a place of business, at the request of the foreign insolvensforvalteren or claimant referred to in subsection b open bankruptcy involving enterprise capital in Norway.
Have several district courts competence for second or third paragraph, hear treatment under court that first receives a petition for bankruptcy. § 146 subsection shall apply accordingly.
§ 162. What legal rules are applicable to Norwegian særkonkurs

For bankruptcy mentioned in § 161 subsections apply Norwegian law with the limitations imposed by this Act and that the treatment involves only the debtor's assets in Norway.
For bankruptcy under § 161 subsection applies §§ 60 to 63 corresponding to the extent applicable. Bankruptcy under § 161 subsection open regardless of the debtor's insolvency. Any petition for compulsory debt under bankruptcy mentioned in § 161 subsections must be submitted by insolvensforvalteren for hovedinsolvensbehandlingen.
§ 163. Which foreign hovedinsolvensbehandlinger having effects in Norway

Opening a foreign insolvency proceedings involving the debtor's total capital, has such an effect in Norway as specified in §§ 164 to 166, if

A)
it is opened where the debtor has its main interests,

B)
it is collective,

C)
it means that the debtor wholly or partially lose disposal of his fortune,

D)
it appointed a person or body charged with managing or realizing the debtor's assets or supervising the administration of the debtor's assets and interests (Insolvency)

E)
debtor is a legal person, and

F)
insolvency proceedings are opened in a State under its domestic law recognizes similar insolvency proceedings opened in Norway.

The first paragraph does not apply to insolvency proceedings in credit institutions, insurance undertakings, pension companies, investment firms and other entities covered by Directive 2001/24 / EC, UCITS and alternative investment funds when the insolvency proceedings are opened in a state covered by the European Parliament and Council Regulation 2015/848. For insolvency proceedings opened in other states, the first paragraph is not for insolvency proceedings in banks, other credit institutions, pension funds and insurance companies.

Ministry may issue regulations concerning exemptions for foreign insolvency proceedings as mentioned in the first paragraph, including rules that complement, clarify or make exceptions to the rules in the second paragraph.
§ 164. Foreign hovedinsolvensbehandlings offs for assets in Norway

Foreign insolvency proceedings referred to in § 163, first paragraph has the same effect for the debtor's right to dispose of their assets in Norway which insolvency proceedings have in the state where it is opened. The same applies to the scope of the foreign estate seizures opposite debtor. Otherwise the debtor's assets in Norway in the same position at such insolvency proceedings as through debt settlement or bankruptcy that opens here, however, that

A)
voluntary legal right to assets in Norway stands up facing insolvency proceedings if such legal protection act ensures the legal right protected by Norwegian debt negotiation or bankruptcy, is provisioned at the latest the day before the announcement in Norway, and the transferee knew or should have known the foreign insolvency proceedings,

B)
deadline by reversal is considered to be the day the opening of the foreign insolvency proceedings published in Norway and

C)
legal protection pledge, lien or other security right in assets belonging to the debtor, and located in Norway at the opening of insolvency proceedings, shall not be affected, unless the estate is entitled to reversal.

Norwegian law also determines

A)
a voluntary legal rights have legal protection against a foreign insolvency proceedings referred to in § 163, first paragraph, if the asset was in Norway at the time of straight Foundation

B)
a voluntary disposition can be reversed by foreign insolvency proceedings referred to in § 163, first paragraph, if the asset was located here at the time of disposition,

C)
about the debtor's contracting party facing the foreign estate is entitled to stop, raise or withhold its own performance, if the asset was situated here when the remedy was invoked. The same applies to lien and right which equated loans.

First paragraph does not preclude the opening of bankruptcy within the meaning of § 161 third paragraph and apply with the limitations established by such bankruptcy or bankruptcy as mentioned in § 161, second paragraph.
§ 165. Foreign insolvency proceedings affect pending disputes

Foreign insolvency proceedings referred to in § 163 has the same effect for pending disputes in Norway Norwegian insolvency proceedings.
§ 166. Foreign hovedinsolvensbehandlings effect by unwarranted fulfillment or injunctions to the debtor

When settlement in Norway of a receivable that accrue to foreign stay as mentioned in § 163, first paragraph, the estate may only invoke the debtor is not entitled to receive true if the conditions of § 100 second paragraph. The same applies to the submission of the decree mentioned in § 100, second paragraph. § 100 subsection shall apply accordingly.
§ 167. Effects of and enforcement of foreign decisions insolvensrettslige

Foreign law decision made in connection with or is closely related to the insolvency proceedings referred to in § 163, first paragraph, and not in violation of §§ 164, 166 and 169, is binding in Norway in the same way as in the opening state, and can be enforced. The same applies to foreign court decision on disposal bans taken after the request for opening of insolvency proceedings referred to in § 163 subsection is made, but before it is settled.
§ 168. Foreign særinsolvensbehandlings effects in Norway

Assets included in a foreign insolvency proceedings involving only the debtor's assets in the opening state, and satisfying the requirements of § 163 subsection b, c, d, e and f are not covered by debt negotiation or bankruptcy under the Act.
It can not be attached to assets covered by the foreign insolvensbeslaget and who is unlawfully brought to Norway by boåpningen.
§ 164, first paragraph, third sentence letter b and second paragraph b apply correspondingly to claim for reversal of the foreign estate, however, that the deadline by reversal is considered to be the day for the opening of insolvency proceedings.
§ 167 apply correspondingly insofar as appropriate.
§ 169. Foreign insolvency proceedings effects on employment

Foreign insolvency proceedings effects for employment determined by the State law applicable to the employment relationship.
§ 170. Effects in violation of the basic principles in Norwegian law (ordre public)

Foreign insolvency proceedings and decision under § 167 only has effect in Norway as far as it does not lead to a result that is incompatible with fundamental principles of Norwegian law.
§ 171. Foreign Insolvency legal position


A Insolvency of foreign insolvency proceedings referred to in § 163, first paragraph have the same rights and powers corresponding liability committee or trustee under Norwegian law, unless this is in conflict with § 164.
In connection with the remedies in Norway on behalf of the foreign estate can foreign Insolvency required to submit a certified copy of the appointment or a certificate issued by the appointing body of the appointment. Is there talk of doing current effects mentioned in §§ 164 to 166, can insolvensforvalteren required to submit a certificate from the agency that has opened the foreign insolvency proceedings that the insolvency proceedings is of such a nature as mentioned in § 163, first paragraph or § 168. It can be required certified translation of such documents into Norwegian.
§ 172. Announcement and registration of foreign insolvency proceedings etc.

A Insolvency of foreign insolvency proceedings involving the debtor's total capital, may require announcement in Norway of the insolvency proceedings are opened. The Ministry may issue further provisions on the content and implementation of the notice and the deletion of electronically stored information.
A Insolvency of foreign insolvency proceedings involving the debtor's total capital, may require the opening of insolvency proceedings are recorded in Norwegian registries. The Ministry may issue further provisions concerning such registration, including which records such data may be submitted for registration in, the procedure for registration, on duty for insolvensforvalteren to delete records and the procedure for deletion.
A claimant may require such measures as mentioned in § 75 subsection for foreign disposal prohibitions referred to in § 167, second sentence. The Ministry may issue further regulations on the registration and cancellation of foreign hedging decisions.
§ 173. Cooperation between Norwegian and foreign insolvensforvaltere

Norwegian debt committee or trustee shall on request give Insolvency of foreign insolvency proceedings concerning the same debtor, information on all matters that may be of importance for the foreign insolvency proceedings, unless this is in conflict with § 160.
Norwegian debt tribunal or trustee duties, as far as it is in receivership interest to cooperate with insolvensforvalteren for foreign insolvency proceeding concerning the same debtor.
Trustee in bankruptcy as mentioned in § 161 subsections will provide an Insolvency foreign hovedinsolvensbehandling opportunity to submit proposals for the realization or use of the assets included in the Norwegian bankruptcy.
§ 174. Claimants position where the debtor is subject to insolvency proceedings in several states

A claimant may report their assets in Norwegian debt negotiation or bankruptcy under the Act even though it also reported in foreign insolvency proceedings concerning the same debtor.
A Insolvency of foreign insolvency proceedings can report a claim is reviewed in this in Norwegian debt negotiation or bankruptcy under the Act relating to the same debtor if the creditor has not opposed the plan, or deducted review of the receivable back.
A claimant who has obtained dividends in a foreign insolvency proceedings, participates in first raffle in Norwegian bankruptcy when creditors with the same priority in the Norwegian bankruptcy attain similar dividend in this.
Covered all claims in such bankruptcy mentioned in § 161 subsections in full, the trustee transfer profits to insolvensforvalteren for the insolvency proceedings involving the debtor's total capital, if this is not completed.
§ 175. Relations with the Nordic Bankruptcy Convention

Provisions of Convention 7 November 1933 between Norway, Denmark, Finland, Iceland and Sweden for bankruptcy yesterday in relation to the Parties precedence over the provisions in the fourth part of this Act.
Current §§ 161 and 162 are §§ 176 and 177 in the fourth part.

II

In Act 17 June 2005 no. 90 relating to mediation and procedure in civil disputes shall § 4-4, fourth, fifth and new sixth paragraph read:

(4) The State has general jurisdiction in Oslo. Counties, municipalities and Intermunicipal Cooperation ordinary venue where the central administration is situated.

(5) Undertakings or associations without general jurisdiction under the third and fourth paragraphs ordinary venue where the board has its seat or where such can not be ascertained, the same place as the person the writ shall be served.

(6) Boer has general jurisdiction in the judicial district where they are treated.

III

1.
Act applies from the King. The King may bring into force individual provisions at different times.

2.

Act applies to foreign insolvency proceedings that opens after Commencement. The Ministry may issue further transitional provisions.