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The new European Insolvency Regulation published in June 2015

Regulation on Insolvency Proceedings (Recast) was published on June 5, 2015.

The Regulation (EU) 2015/848 of the European Parliament and of the Council , of 20 May 2015, on insolvency proceedings (recast), has been published OJ L 141.

On 20 May 2015 the European Parliament approved the new European Insolvency Regulation (EIR) in the text adopted by the Council at first reading on 12 March (publication on the Official Journal is expected to follow soon). This marks the end of a revision process which started with the Commission proposal of 12 December 2012 (COM/2012/744 final).

In short, the revised text: (a) extends the EIR’s scope to proceedings aimed at giving the debtor a “second chance”; (b) strengthens the current jurisdictional framework in terms of certainty and clarity; (c) improves the coordination among insolvency proceedings opened in respect of the same debtor and strikes a better balance between efficient insolvency administration and protection of local creditors; (d) reinforces the publicity of the proceedings by compelling Member States to provide for insolvency registers and by providing for the interconnection of national registers; (e) deals with the management of multiple insolvency proceedings relating to groups of companies.

The new EIR will enter into force following its publication in the Official Journal, but the bulk of its provisions will only apply in 2017.

Further details available here:  

ID: 48854
Publication date: 25/06/15

Created: 26/06/15. Last changed: 26/06/15.
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