Commentary

4 The EC Regulation on insolvency proceedings (2002) and the Recast EU Regulation on insolvency proceedings (2015)

BANKRUPTCY AND INSOLVENCY (CORPORATE INSOLVENCY) vol 3(3)

4 The EC Regulation on insolvency proceedings (2002) and the Recast EU Regulation on insolvency proceedings (2015)

4 The EC Regulation on insolvency proceedings (2002) and the Recast EU Regulation on insolvency proceedings (2015)

In addition to the changes to mainstream insolvency practice1, The Council Regulation (EC) on Insolvency Proceedings2 became operative on 31 May 2002 in all member states of the European Union except Denmark, which opted out of it. As a European Regulation, it had direct application in the domestic law of the member states. It had no retrospective effect and applied to all proceedings opened on or after 31 May 2002.

The Council Regulation (EC) on Insolvency Proceedings was recast by Regulation (EU) 2015/848 of

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