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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.
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:
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):
If the UK votes to remain in the EU, the new provisions of the Recast Regulation will apply from 26 June 2017 onwards.
If the UK votes to leave the EU on 23 June 2016, it is likely to take around two years before it actually leaves. As the UK would no longer be a Member State, neither the original regulation nor Recast Regulation would have direct effect. During the two-year window, the UK would negotiate to agree the terms of its withdrawal, which could in theory cover cross border insolvency issues (though this would need to be ratified by each Member State).
If the UK exits the EU without negotiating any insolvency recognition terms, insolvency proceedings opened in the UK would no longer benefit from automatic recognition in other Member States and insolvency proceedings opened in Member States would no longer benefit from automatic recognition in the UK. It seems likely this would damage the UK’s current status as being a destination of choice for cross-border insolvencies.
With EC case law, decisions of the Court of Justice of the European Union (CJEU) bind all Member States, though where the CJEU has given limited guidance on a particular area, courts may look to decisions of other courts in the Member States for some guidance, although they will not be binding. The INSOL Europe Case Register contains summaries of over 500 judgments, from the CJEU to the first instance and appeal courts of the Member States, that consider a significant point relating to the original regulation.
The Case Register can be accessed by:
For details of how to use and search the Case Register, see News Analysis: INSOL Europe: European Insolvency Regulation Case Register now available in Lexis®PSL.
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