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Case C-107/17: Judgment of the Court (Fourth Chamber) of 25 July 2018 (request for a preliminary ruling from the Lietuvos Aukščiausiasis Teismas — Lithuania) — ‘Aviabaltika’ UAB v ‘Ūkio bankas’ AB, in liquidation (Reference for a preliminary ruling — Directive 2002/47/EC — Enforcement of financial collateral arrangements — Commencement of insolvency proceedings against the collateral taker — Occurrence of the enforcement event — Inclusion of the financial collateral in the assets remaining after the insolvency — Obligation to satisfy the claims primarily from the financial collateral)
ECLI:EU:UNKNOWN:62017CA0107
62017CA0107
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Official Journal of the European Union
C 328/13
(Case C-107/17) (1)
((Reference for a preliminary ruling - Directive 2002/47/EC - Enforcement of financial collateral arrangements - Commencement of insolvency proceedings against the collateral taker - Occurrence of the enforcement event - Inclusion of the financial collateral in the assets remaining after the insolvency - Obligation to satisfy the claims primarily from the financial collateral))
(2018/C 328/14)
Language of the case: Lithuanian
Referring court
Parties to the main proceedings
Appellant: ‘Aviabaltika’ UAB
Respondent: ‘Ūkio bankas’ AB, in liquidation
Operative part of the judgment
1.Article 4(5) of Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements, as amended by Directive 2009/44/EC of the European Parliament and of the Council of 6 May 2009, must be interpreted as requiring Member States to adopt rules which enable a taker of collateral provided under a security financial collateral arrangement to recover its claim, arising from a failure to discharge the relevant financial obligations, from that collateral, where the enforcement event occurs after insolvency proceedings have been commenced against that taker.
2.Article 4(1) and (5) of Directive 2002/47, as amended by Directive 2009/44, must be interpreted as not requiring the taker of collateral provided under a security financial collateral arrangement to recover its claim, arising from a failure to discharge the financial obligations covered by that arrangement, primarily from that collateral.
(1)
Language of the case: Lithuanian
*
ECLI:EU:C:2018:140
(2018/C 328/14)
* * *
(1) Language of the case: Lithuanian.