Establishing national insolvency registers from 26 June 2018

Establishing national insolvency registers from 26 June 2018

We look at the requirement for Member States to establish national insolvency registers under the Recast Regulation on Insolvency, Regulation (EU) 848/2015 by 26 June 2018.

What are the key dates?

Although the Recast Regulation on Insolvency, Regulation (EU) 848/2015 entered force on 26 June 2015 and the majority of the provisions were effective from 26 June 2017 onwards (to allow Member States to familiarise themselves with the new provisions), the establishment and interconnection of national registers was carved out as a two-step process:

  • 26 June 2018 (ie 36 months after the Recast Regulation on Insolvency came into force): deadline for Member States to establish and maintain national insolvency registers (see Articles 24(1), 92(2)(b) of Regulation (EU) 848/2015)
  • 26 June 2019 (ie 48 months after the Recast Regulation on Insolvency came into force): deadline for the European Commission to agree specifications to enable the interconnection of national registers (see Articles 25, 92(2)(c) of Regulation (EU) 848/2015)

What mandatory information will the new registers contain?

The following 'mandatory information' must as a minimum be made available (free of charge) in the national insolvency registers established by Member States from 26 June 2018 (see Article 24(2) of Regulation (EU) 848/2015) and covers main, secondary and territorial proceedings opened in that Member State:

  • the date of the opening of insolvency proceedings
  • the court and any case reference number
  • the type of proceedings in Annex A of Regulation (EU) 848/2015 (as updated by Regulation (EU) 2017/353, Annex 1) and sub-type of any insolvency proceedings opened (where applicable)
  • which article jurisdiction for opening proceedings is based upon (see Article 3(1) of Regulation (EU) 848/2015 (main proceedings), Article 3(2) (secondary proceedings) or Article 3(4) (territorial proceedings)
  • for companies—the company's name, registration number, registered office or if different, postal address
  • for individual debtors—their name, any registration number and postal address or where that is protected, their place and date of birth—as a compromise to deal with data protection concerns, where the individual does not exercise an independent business or professional activity, this information either:
    • need

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About the author:
Kathy specialises in restructuring and cross-border insolvency. She qualified as a solicitor in 1995 and has since worked for Weil Gotshal & Manges and Freshfields. Kathy has worked on some of the largest restructuring cases in the last decade, including Worldcom, Parmalat, Enron and Eurotunnel.