Globalization is also reflected in international insolvencies. Frequently, German companies hold subsidiaries abroad or foreign companies hold subsidiaries in Germany facing insolvency.
Structuring insolvency proceedings for a company which holds participations abroad is far more complex than the legal situation in potential insolvency proceedings for a domestic legal entity (which itself also bears complexity).
The German Insolvency Act sets forth rules for particular situations. On the European level the law that is directly applicable is the Council Regulation (EC) No. 1346/2000 on Insolvency Proceedings, which has a considerable impact on legal relations and especially on the jurisdiction in which the insolvency proceedings are to be conducted.
Restructuring a company or contemplating insolvency proceedings is only possible if the adviser also has the corresponding international competence.
For many years BBL has been retained as adviser in complex cross-border insolvencies. In addition, a large number of cross-border insolvencies have also been handled by insolvency administrators at BBL.
BBL has set up offices in London, from where most of the cross border insolvencies are handled. BBL also has partner firms in all European countries which provide for professional support. In case of disputes, we can also act as arbitrators to the parties.