Our colleague Antoniu Obancia will attend the National Insolvency Conference to be held in Iasi on September 29-30, 2023. He will give a speech on The rights of good-faith third parties in the international procedure for mutual recognition of orders for freezing and confiscation of crime proceeds.
In a nutshell:
- The rights of good faith third parties towards criminal seizure or confiscation measures are protected by the European Council Convention enacted in 2005 in Warsaw.
- The guarantees have been developed consistently at the EU level, by Directive No. 2014/42/UE and currently by the EU Regulation No. 2018/1805 of November 14, 2018.
- The person that owns the assets subject to confiscation should be called within the criminal trial in which its assets are facing the risk of confiscation.
- The starting point of the speech will be the situation where the shareholder or manager of the company is indicted in a foreign criminal trial and the Romanian company placed under the insolvency procedure and its stakeholders should be able to defend towards criminal seizure or confiscation measures.
- The speech will be focused on the situation that the good faith third parties must benefit of the guarantee of a fair trial as regards their ownership rights.