Towards an objective European rule on transaction avoidance in insolvencies

Following up on Insol Europe’s Note ‘Harmonisation of Insolvency Law at EU level’ (2010), this article provides a proposition for a European rule on transaction avoidance in insolvencies. The question explored here is whether, and to what extent, it is possible anddesirable to identify rules on transaction avoidance solely onthe basis of objective criteria. Based on a comparison of English, German and Dutch law a largely objective rule is formulated for three basic categories of detrimental legal acts. The first category concerns legal acts compromising the integrity of the estate of the debtor.The second category is formed by preferences.The third category consists of shareholder loans and shareholder guarantees.