On June 26, 2017, the recast EU regulation on insolvency proceedings1 (the Recast Insolvency Regulation) came into force.
Since May 31, 2002, Council Regulation (EC) No 1346/2000 on insolvency proceedings (the Insolvency Regulation), has provided a framework designed to establish common rules on cross-border insolvency proceedings within the EU. It established a system whereby the courts of the member state in which a debtor has its centre of main interests (COMI) has jurisdiction to open “main insolvency proceedings.” The Insolvency Regulation also set out what constituted “insolvency proceedings” for the purpose of the Insolvency Regulation in each member state. The Insolvency Regulation is directly applicable in all EU member states (except Denmark).
What Does the Recast Insolvency Regulation Apply To?
Most of the provisions of the Recast Insolvency Regulation took effect from June 26, 2017, and the new provisions apply to insolvency proceedings opened from that date. The existing Insolvency Regulation continues to regulate proceedings opened before that date.
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