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June 2017 highlights from the Lexis®PSL Restructuring & Insolvency team. This month’s highlights include alook at our new materials on the Recast Regulation on Insolvency, Regulation (EU) 2015/848, which is effective from 26 June 2017 onwards, two recent cases from the EU Court of Justice in Vinyls Italia SpA and Federatie Nederlandse Vakvereniging v Smallsteps BV, together with around up of other restructuring and insolvency news and cases.
In this issue:
Feature article: Recast Regulation on Insolvency—helpful resources
Feature article: Employees transfer in apre-pack sale by an administrator: confirmed (Federatie Nederlandse Vakvereniging v Smallsteps BV)
Feature article: The proper interpretation of Article 13 of the EC Regulation on Insolvency (Vinyls Italia SpA v Mediterranea di Navigazione SpA)
From 26 June 2017, the bulk of the provisions of the Recast Regulation on Insolvency, Regulation (EU) 2015/848 (Recast Regulation) came into force and replaced the EC Regulation on Insolvency, Regulation (EC) 1346/2000 (the EC Regulation on Insolvency). We look at the helpful resources and materials available on Lexis®PSL Restructuring & Insolvency for R&I lawyers, including links to our updated ‘How to Guide’ for the INSOL Europe EC case register (see http://lexisnexis.blogs.local.com/randi/recast-regulation-on-insolvency-materials-available-on-lexispsl-ri/).
New forms under the Recast Regulation are set out in Commission Implementing Regulation (EU) 2017/1105. The Insolvency Service has also issued guidance on the procedural changes made under the Insolvency Amendment (EU 2015/848) Regulations 2017 (SI 2017/702) (the Implementing Regulations, also in force from 26 June 2017 onwards) as well as listing some further new forms to be issued by Companies House shortly.
Under the Implementing Regulations, the Insolvency Act 1986 (IA 1986), the Insolvency (England and Wales) Rules 2016, SI 2016/1024 (IR 2016) and the Insolvency (Scotland) Rules 1986, SI 1986/1915 are amended to make them compatible with the Recast Regulation. Provision is made for deferring dissolution of acompany registered in England and Wales, Scotland or Northern Ireland where there are concurrent insolvency proceedings in another Member State.
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