Recast Regulation on Insolvency as between Member States—main, secondary and territorial proceedings

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

  • Recast Regulation on Insolvency as between Member States—main, secondary and territorial proceedings
  • UK status
  • EU Recast Regulation on Insolvency
  • Scope of the EU Recast Regulation on Insolvency
  • Three types of proceedings
  • Main proceedings
  • Primacy of main proceedings
  • Powers of office-holder in main proceedings over secondary proceedings
  • EU Recast Regulation on Insolvency guidance on establishment for secondary proceedings
  • Types of proceedings in secondary proceedings
  • More...

Recast Regulation on Insolvency as between Member States—main, secondary and territorial proceedings

UK status

As of exit day (31 January 2020) the UK is no longer an EU Member State. For a time, under the Withdrawal Agreement, the UK was in an implementation period, during which it continued to be subject to EU law. However from 1 January 2021, the main operative parts of Regulation (EU) 2015/848 (OJ L141/19), Recast Regulation on Insolvency [EU Recast Regulation on Insolvency] on automatic recognition are no longer applicable to the UK (see Practice Note: Brexit—impact on Recast Regulation on Insolvency). However, other Member States continue to apply the EU Recast Regulation on Insolvency where its requirements are satisfied.

EU Recast Regulation on Insolvency

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

Although the EU Recast Regulation on Insolvency entered into force on 26 June 2015, the majority of the provisions were only effective from 26 June 2017 onwards—this was to allow Member States to familiarise themselves with the new provisions. The EC Regulation on Insolvency continues to apply to proceedings opened before the EU Recast Regulation

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