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After years of speculation, the Recast Regulation has been published in the Official Journal heralding in one of the biggest changes in cross-border insolvency in the past ten years. So what will all this mean in practice for restructuring and insolvency professionals and their clients?
The final text of Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings (recast) (the Recast Regulation) appeared in the Official Journal on 5 June 2015 (OJ L 141/19). The Recast Regulation enters force from 26 June 2015 but only applies to relevant insolvency proceedings from 26 June 2017.
Following extensive three-way discussions between the European Commission, European Parliament and Council, the final text of the Recast Regulation was approved by the European Parliament on 20 May 2015 and published in the Official Journal on 5 June 2015.
The Recast Regulation is effective 20 days after publication in the Official Journal (ie 26 June 2015).
The Recast Regulation has direct effect in each member state (apart from Denmark, which has opted-out) without the need for separate enactment at anational level.
However, the majority of the provisions are not effective until two years after the Recast Regulation came into force (ie from 26 June 2017). This is to allow member states to familiarise themselves with the new pro-visions. The original Regulation will continue to apply to proceedings opened before 26 June 2017 (art 84(2)). It will be interesting though to see if courts now start looking at cases with an eye on the new wording.
The exceptions are:
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