EU JudgeCo Principle 8 - Stay or Moratorium

8.1. Insolvency cooperation may require a stay or moratorium at the earliest possible time in each State where the debtor has assets or where litigation is pending relating to the debtor or the debtor’s assets.

8.2. The stay or moratorium should impose reasonable restraints on the debtor, creditors, and other parties.

8.3. If the local law does not provide an effective procedure for obtaining relief from the stay or moratorium, then a court should exercise its discretion to provide such relief where appropriate and to the extent possible under national law. Exceptions to the stay or moratorium should be limited and clearly defined.

8.4. A court should encourage publication of its decision to render a stay or a moratorium as soon as possible.

8.5. The decision to render a stay or a moratorium should be open to appeal.