Postscript 18/12/2014: the Tribunal de Commerce held on 8 December 2014: in view of applicable Belgian law, and despite the Bank’s efforts to distinguish the ECJ’s ruling, the sum was awarded to the liquidators. Appeal may follow.
I reported earlier on the AG’s Opinion in C-251/12, van Buggenhout /van de Mierop. The ECJ yesterday disagreed: the AG had opined on the basis of teleological and linguistic analysis. The Court does so, too, however reaches a different conclusion, in particular on the basis of a narrow reading of ‘to the benefit of’ or ‘in favour of’ the debtor:
The Court refers amongst others (and in deciding fashion so it would seem (see para 30 of the judgment)) to Article 24(1)’s provision that the obligation honoured for the benefit of the insolvent debtor ‘should have been for the benefit of the liquidator‘. I am not so sure that…
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