An introduction to the Recast Regulation on Insolvency
An introduction to the Recast Regulation on Insolvency

The following Banking & Finance guidance note provides comprehensive and up to date legal information covering:

  • An introduction to the Recast Regulation on Insolvency
  • Timing of reforms
  • Effect of Brexit on the Recast Regulation
  • Scope of the Recast Regulation on Insolvency
  • Three types of proceedings
  • Aims of the Recast Regulation on Insolvency
  • Guidance and interpretation on the Recast Regulation on Insolvency
  • Main proceedings
  • Secondary proceedings
  • Territorial proceedings
  • more

BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be treated by the EU as a Member State for many purposes. As a third country, the UK can no longer participate in the EU’s political institutions, agencies, offices, bodies and governance structures (except to the limited extent agreed), but the UK must continue to adhere to its obligations under EU law (including EU treaties, legislation, principles and international agreements) and submit to the continuing jurisdiction of the Court of Justice of the European Union in accordance with the transitional arrangements in Part 4 of the Withdrawal Agreement. For further reading, see: Brexit—introduction to the Withdrawal Agreement. This has an impact on this Practice Note. For guidance, see Practice Notes:

  1. Brexit—worst case scenarios for R&I lawyers

  1. Brexit—impact on Recast Regulation on Insolvency, and

  1. No deal Brexit—CPR changes

Timing of reforms

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 on Insolvency). For the full text of the Recast Regulation on Insolvency, click here. For the full text of the EC Regulation