Rely on the most comprehensive, up-to-date legal content designed and curated by lawyers for lawyers
Work faster and smarter to improve your drafting productivity without increasing risk
Accelerate the creation and use of high quality and trusted legal documents and forms
Streamline how you manage your legal business with proven tools and processes
Manage risk and compliance in your organisation to reduce your risk profile
Stay up to date and informed with insights from our trusted experts, news and information sources
Access the best content in the industry, effortlessly — confident that your news is trustworthy and up to date.
With over 30 practice areas, we have all bases covered. Find out how we can help
Our trusted tax intelligence solutions, highly-regarded exam training and education materials help guide and tutor Tax professionals
Regulatory, business information and analytics solutions that help professionals make better decisions
A leading provider of software platforms for professional services firms
In-depth analysis, commentary and practical information to help you protect your business
LexisNexis Blogs shed light on topics affecting the legal profession and the issues you're facing
Legal professionals trust us to help navigate change. Find out how we help ensure they exceed expectations
Lex Chat is a LexisNexis current affairs podcast sharing insights on topics for the legal profession
Discuss the latest legal developments, ask questions, and share best practice with other LexisPSL subscribers
Restructuring & Insolvency analysis: What changes have been proposed by the European Parliament to the reforms to the EC Regulation on Insolvency previously circulated by the Commission? What further steps are needed to implement this legislation?
Press Release: European Parliament backs Commission proposal to give viable businesses a 'second chance', LNB News 05/02/2014 147
Proposals, including extending insolvency rules to cover rescue proceedings, have been approved by the European Parliament in order to modernise the EU’s rules on cross-border insolvency. The vote endorsed the main elements of the European Commission's proposal regarding the creation of an EU-wide system of web-based insolvency registers, the possibility of avoiding the opening of multiple proceedings, and the rules dealing with the insolvency of groups of companies.
What are the latest developments?
On 5 February 2014, the European Parliament voted on the European Commission's proposal to modernise Europe’s rules on cross-border insolvency. The plenary vote followed a general endorsement of the Commission’s initiative from the European Parliament’s Legal Affairs Committee (JURI) on 17 December 2013 (MEMO/13/1164) as well as a positive initial debate by the European Council in December.
The European Parliament vote (with an overwhelming majority 580 for, 69 against and 19 abstentions) endorsed the main elements of the Commission's proposal, particularly as regards:
• extending the rules to cover rescue proceedings
• the creation of an EU-wide system of web-based insolvency registers
• the possibility of avoiding the opening of multiple proceedings, and
• the rules dealing with the insolvency of groups of companies
However, the European Parliament have made some fairly major and unwelcome changes to the draft reforms originally circulated by the Commission, sparking some heated debate.
What changes have the European Parliament proposed?
The European Commission prepared the legislative proposals back in December 2012, which were largely welcomed by UK practitioners. For a summary of these proposals, see Practice Note: Reforms to EC Regulation on Insolvency 1346/2000.
On 20 December 2013, European Parliament rapporteur, Klaus-Heiner Lehne, produced a report on the Commission's
Access this article and thousands of others like it free by subscribing to our blog.
Read full article
Already a subscriber? Login
0330 161 1234