Recast Regulation—key dates

Recast Regulation—key dates

This analysis will look at the upcoming key dates under the Recast Regulation on Insolvency and also provide links to the ‘INSOL Europe: European Insolvency Regulation Case Register’ plus details of how to access and search the register.

What are the key dates under the Recast Regulation?

Substantial reforms are made to the Regulation (EC) 1346/2000 on insolvency proceedings (the original regulation) under the Regulation (EU) 848/2015 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings (recast) (the Recast Regulation).

The majority of the provisions are not effective until 26 June 2017—this is to allow Member States to familiarise themselves with the new provisions. The original regulation will continue to apply to proceedings opened before the Recast Regulation comes into force (Recast Regulation, art 84(2)).

The exceptions are:

  • 26 June 2016—the description of national insolvency law and procedures to be provided by each Member State
  • 26 June 2018—the establishment of national insolvency registers
  • 26 June 2019—the interconnection of national registers

What information must be provided by 26 June 2016?

This year, each Member State must provide the European Commission with a summary of its own national insolvency laws and procedures by 26 June 2016 (Recast Regulation, art 86). This information must be updated regularly and will be published by the European Commission. In particular, the information should cover the matters listed in Recast Regulation, art 7(2):

  • the debtors against which insolvency proceedings may be brought on account of their capacity
  • the assets which form part of the insolvency estate and the treatment of assets acquired by or devolving on the debtor after the opening of the insolvency proceedings
  • the respective powers of the debtor and the insolv

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About the author:
Kathy specialises in restructuring and cross-border insolvency. She qualified as a solicitor in 1995 and has since worked for Weil Gotshal & Manges and Freshfields. Kathy has worked on some of the largest restructuring cases in the last decade, including Worldcom, Parmalat, Enron and Eurotunnel.