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From 26 June 2017, the bulk of the provisions of the Recast Regulation on Insolvency 848/2015 come into force and replace the EC Regulation on Insolvency 1346/2000. We look at the materials available on LexisPSL R&I for R&I lawyers.
In one of the biggest changes for cross-border R&I lawyers in the last 17 years, substantial reforms are made to the Regulation (EC) 1346/2000 on insolvency proceedings (the EC Regulation on Insolvency) 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).
Although the Recast Regulation entered force on 26 June 2015, the majority of the provisions are only effective from 26 June 2017 onwards—this was to allow Member States to familiarise themselves with the new provisions (a Corrigendum was published by the EC on 21 December 2016 clarifying that the Recast Regulation only applies to insolvency proceedings opened from 26 June 2017; the previous text said 'proceedings opened after 26 June 2017'). The EC Regulation on Insolvency continues to apply to proceedings opened before 26 June 2017 (Recast Regulation, art 84(2)).
Some of the main changes include:
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