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The Hermeneutic Circle of European Insolvency Law

In their recent book the Spanish professors Virgos and Garcimartin refer to the EC Insolvency Regulation as constituting the general rule, where the Directives with regard to reorganization and winding-up of financial institutions form special rules, but ‘(...) they all form the ‘hermeneutic circle’ within which interpretations should be made. The idea that all these rules must be seen as parts of a consistent (although unfinished) statutory scheme is important’. In this article I will shortly describe the Insolvency Regulation and the Directives mentioned. I will then highlight some differences between both, mainly using illustrations with regard to Directive 2001/24 (banks). I will then discuss the treatment of certain (international) financial contracts, such as netting contracts and repurchase agreements. At the conclusion the quoted characterization as ‘hermeneutic circle’ will be briefly discussed.