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The UK has opted in to reforms to EC Regulation on Insolvency – what does this mean? We have looked at some of the key issues.
The UK government had to decide whether to opt in to the European Commission’s proposed regulation amending the existing regulation on insolvency proceedings by 10th April 2013 as the legal basis for the amendments (the Treaty on the Functioning of the European Union, Title V Part three) is not applicable unless the UK/Ireland decide otherwise. The decision to opt in was communicated to the EU Council on 10 April 2013 following a ‘Call for Evidence‘ conducted by the Insolvency Service which unanimously supported the decision.
The decision to opt in was made as it will be of general benefit to businesses and creditors of insolvency proceedings in the UK and the EU. In particular, business minister, Jo Swinson, said:
‘I believe the proposed amendments to the Insolvency Regulation will benefit UK businesses affected by insolvency in the EU. The proposals support business rescue by expanding the scope of the Regulation to restructuring and pre-insolvency proceedings. Bankruptcy tourism will be tackled through new rules on determining jurisdiction and increased transparency for creditors. In addition, the proposals include new rules on publication of insolvency information via free online registers across the EU, in line with our Digital by Default strategy.’
The European Commission published a proposal for a new draft regulation (the Amending Regulation) to amend the
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