Insolvency (State Of)
Insolvency (State Of) : According to European Union (EU) legislation, an employer shall be deemed to be in a state of insolvency under the following conditions: (1) where a request has been made for the opening of proceedings involving the employer's assets, as provided for under the laws, regulations and administrative provisions of the EU Member States concerned, to satisfy collectively the claims of creditors and make it possible to take into consideration employees' claims arising from contracts of employment or employment relationships, and existing against employers who are in a state of (2) insolvency; and (3) where the authority that is competent pursuant to the said laws, regulations and administrative provisions has either decided to open proceedings, or established that the employer's undertaking or business has been definitively closed down and that the available assets are insufficient to warrant the opening of the proceedings. See: Directive 80/987/EEC of 20 October 1980, amended by Directive 2002/47/EC of 23 September 2002. See: Guarantee institutions (employer's insolvency); Insolvency of the employer; Protection of workers' claims (employer's insolvency)
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