Effect of cross-border recognition under the EC Regulation on Insolvency [Archived]
Effect of cross-border recognition under the EC Regulation on Insolvency [Archived]

The following Restructuring & Insolvency guidance note provides comprehensive and up to date legal information covering:

  • Effect of cross-border recognition under the EC Regulation on Insolvency [Archived]
  • Warning
  • Reforms
  • Effects of main proceedings
  • Rationale
  • Effects of secondary/territorial proceedings
  • Challenging jurisdiction
  • Public policy exemptions
  • Case law on public policy
  • EU Court of Justice cases
  • more

Warning

This Practice Note reflects the position maintained up to 25 June 2017 before the coming into force of the Recast Regulation on Insolvency 848/2015, and is for historic purposes only. It will not be updated in respect of any new case law or developments (see Recast Regulation—effect of cross-border recognition under the regulationfor the position post 26 June 2017).

Reforms

Substantial reforms are made to EC Regulation on Insolvency, Regulation (EC) 1346/2000 (EC Regulation on Insolvency) by the Recast Regulation on Insolvency, Regulation (EU) 848/2015 (Recast Regulation on Insolvency)—see Recast Regulation on Insolvency—overview. For the full text of the Recast Regulation on Insolvency, click here. For the full text of the EC Regulation on Insolvency, click here. For a destination table, see Practice Note: Recast Regulation on Insolvency—destination table.

Although the Recast Regulation on Insolvency 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 on Insolvency only applies to insolvency proceedings opened from 26 June 2017; the previous text said 'proceedings opened after 26 June 2017'. See LNB News 21/12/2016 61). The EC Regulation on Insolvency continues to apply to proceedings opened before 26 June 2017 (see Article 84(2) of Recast Regulation). For the position under the Recast Regulation on Insolvency, see Practice Note: Recast Regulation—effect of cross-border recognition under the regulation.Regulation (EU) 848/2015, art 84(2)

For the likely effect of Brexit, see Practice Note: Brexit—worst case