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Following the approval of the Recast EC Regulation by the European Parliament on 20 May 2015, we explore what this new legislation will mean in practice.
EU legislation to give struggling companies a second chance, LNB News 21/05/2015 155
On 20 May 2015, the European Parliament approved the European Council's position at first reading of the Recast EC Regulation (the Recast Regulation) (see Position of the Council of 17 March 2015 on Regulation of the European Parliament and of the Council on insolvency proceedings ) as adopted by the Council at first reading on 12 March 2015), noted that the act is adopted in accordance with the Council's position and gave instructions for it to be published in the Official Journal.
When do the reforms come into effect?
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. The next step is that it will be published in the Official Journal and it will become effective 20 days after publication.
The Recast Regulation has direct effect in each member state (apart from Denmark, which has opted-out) without the need for separate enactment at a national level.
However, the majority of the provisions are not effective until two years after the Recast Regulation comes into force (ie 2017). This is to allow member states to familiarise themselves with the new provisions. The European Regulation on Insolvency (EC) 1346/2000—the original Regulation—will continue to apply to proceedings opened before the Recast Regulation comes into force.
What changes are made?
The European Commission has summarised the main changes which the Recast Regulation will bring as follows:
Kathy Stones, solicitor in the Lexis®PSL Restructuring & Insolvency team.
If you are a LexisPSL subscriber, click the link below for further information:
EC Regulation on Insolvency 1346/2000—overview
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First published on LexisPSL Restructuring and Insolvency
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