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New EU insolvency rules follow a ‘rescue and recovery’ approach which aim to give viable businesses a second chance when facing cross-border financial difficulties. Ministers on the EU Justice Council reached agreement on 4 December 2014 on modernised rules to make it easier for businesses to restructure and for creditors to get their money back, and to ensure procedures for cross-border insolvencies are effective and efficient.
Following extensive three-way discussions between the European Commission, European Parliament and Council throughout November and December, the latest draft of the reforms to the European Regulation on Insolvency (EC) 1346/2000 was published by the Council on 4 December 2014. It will be known as the Regulation (EU) of the European Parliament and of the Council on insolvency proceedings (recast). References to articles in this analysis are references to articles and recitals of the recast regulation.
The text of the agreement will be revised by the legal linguists and the Council is due to formally adopt the recast regulation in March 2015. It will then be passed to the European Parliament in April or May 2015 with a view to an approval by the plenary, without amendments in second reading, meaning the text above should be in near-final form. The recast regulation will be effective upon publication in the Official Journal (expected around May 2015).
Once adopted as a regulation, it will have 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 will not be effective for another two years (ie around 2017) after the recast regulation comes into force. This is to allow member states
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Neeta has been working as a paralegal in Banking and Insolvency for the past 4 and a half years.
She started her legal career at Allen & Overy in 2008 in the midst of the global financial crisis and the collapse of Lehmans where she gained most of her experience.
Neeta also did a short stint in litigation at the Revenue and Customs Prosecutions Office. Neeta graduated with a 2:1 honours degree from University of London, Queen Mary College and went on to obtain a distinction from the College of Law in the Legal Practice Course. She moved to Lexis®PSL in April 2013.
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