Commercial Law

Social Justice in EU Financial Consumer Law

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Dr Andrea Fejős, Lecturer in Law, University of Essex

Dr Fejős’ recent paper for Tilburg Law Review considers how social justice influences EU financial consumer law. It provides a new way of looking at social justice in consumer law by showing that equality of status based social justice has increasingly come to the fore in modern EU financial consumer law.

This emergent and complex set of private and regulatory rules on credit, insurance, investment and payment products has responded to the consequences of inequality between financial firms and consumers by engaging in product and rights regulation that balances the parties’ rights and duties and protects consumers from the consequences of status-based inequality. Looking forward the paper recommends that this social justice approach must be made transparent and become an express part of EU law and policy, both in order to raise consumer trust in the internal market and to more clearly set the future law and policy agenda.

Photo credit: Fortegra Blog

Executory Contracts in Insolvency Law

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Dr Eugenio Vaccari, lecturer at the University of Essex, School of Law, has recently co-edited a book with Professor Jason Chuah, Head of Department at the City Law School at City, University of London. The book, Executory Contracts in Insolvency Law: A Global Guide is published by Edward Elgar.

Executory Contracts in Insolvency Law is the result of a research project that lasted for more than 2 years. The purpose of this project was to cover a gap on the treatment of executory contracts in insolvency in academic and professional literature.

On the academic side, few papers have so far investigated the principles that should govern the treatment of executory contracts in insolvency. Why and to what extent should insolvent companies be allowed to terminate or continue their contracts upon filing for a formal insolvency proceeding? Should the procedure, the purpose of the procedure or simply the nature of the business determine the outcome of the contract?

On the professional side, Executory Contracts in Insolvency Law aims at providing a comprehensive yet easily accessible guide on the treatment of these contracts in a larger number of jurisdictions than any other study conducted in the field to date. In an increasingly globalised world, practitioners may find that termination clauses in commercial contracts are governed by one law, while the main contract is subject to either English or New York law. A comprehensive outline of the main features of these laws is essential to provide timely and informed advice to the parties.

Executory Contracts in Insolvency Law offers a unique, comprehensive, and up-to-date transnational study of the topic, including an analysis of certain countries which have never previously been undertaken in English. Written by experts in the field, with extensive practical and theoretical knowledge of both research and professional experience, this is a ground-breaking investigation into the philosophies and rationales behind the different policy choices adopted and implemented by a range of over 30 jurisdictions across the globe.

With contributions from more than 40 insolvency law experts, this book provides extensive coverage of executory contracts, encompassing both developed and developing countries, and drawing on not only so-called common and civil law systems, but also, countries with hybrid systems of law. The book explores ipso facto clauses, improvements that could be made, as well as casting light upon procedural and tactical issues and considerations when attempting to address executory contracts in different jurisdictions.

Providing a globalised and comparative perspective on executory contracts in insolvency law, this book will be an invaluable tool for legal practitioners requiring a cross border perspective on the subject, as well as for academics and researchers pursuing a study of the topic. It will also benefit policy makers and institutions seeking to introduce insolvency law reforms in their home countries.

Saving Italian chocolate companies – and reforming Italian law

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Eugenio Vaccari, lecturer at the University of Essex School of Law, has written for The Conversation on the problems of Italian chocolate company, Pernigotti, and how Italy’s approach to corporate rescue hurts the country.

Cases like Pernigotti, Ilva and Alitalia have become all too common in a country (Italy) whose industries often struggle to successfully compete, particularly with developing countries. And in spite of jobs being saved at Ilva, they also reveal serious problems with Italy’s approach to rescuing companies. It is a major drag on the economy, and desperately needs to be reformed.