Proposal to amend EU Regulation on insolvency proceedings and practitioners

A report from European Parliament’s Committee on Legal Affairs (ie JURI Committee) assesses a proposal for a Regulation of the European Parliament and of the Council replacing the lists of insolvency proceedings and insolvency practitioners in Annexes A and B to Regulation (EU) 2015/848 on insolvency proceedings. The Commission proposal is of a purely technical nature and contains no substantive change to the Regulation.

Regulation (EU) 2015/848 on insolvency proceedings (recast), entered into force on 26 June 2015. It will apply from 26 June 2017, with the exception of a section relating to the system for interconnection of national insolvency registers, which will apply from 26 June 2019.

The Regulation includes Annexes containing lists of insolvency proceedings and insolvency practitioners relevant to its application:

  • Annex A lists the insolvency proceedings referred to in point (4) of art 2
  • Annex B lists the insolvency practitioners referred to in point (5) of art 2

 

Background

In December 2015, Poland notified the European Commission on a substantial reform of its domestic law on restructuring, taking effect from 1 January 2016, and requested a modification of the lists set out in Annexes A and B to the Regulation.

The Commission examined whether the request from Poland complied with the requirements of the Regulation, and submitted a proposal to the European Parliament and Council with a view to ensuring the scope of the recast Regulation will be adjusted to the actual legal framework of the Polish insolvency legislation by the time of its application.

The Commission proposal is of a purely technical nature and contains no substantive change to the Regulation.

Rapporteur comment

Rapporteur Tadeusz Zwiefka agrees with the purpose of the proposal and with its content in general terms, but considers three amendments should be made to it:

  • the first two reflect the position of the UK and of Ireland respectively with regard to the Commission proposal pursuant to Protocol (No 21) on the position of the UK and Ireland in respect of the area of freedom, security and justice
  • the third amendment aligns the entry into application of the amending Regulation with that of Regulation (EU) 2015/848

For further reading, see: Report on the modification of Annexes A and B to the Insolvency Regulation.

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