Recast Regulation on insolvency (Member State to Member State)—which law applies

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

  • Recast Regulation on insolvency (Member State to Member State)—which law applies
  • UK status
  • EU Recast Regulation on Insolvency
  • Applicable law
  • Applicable law under the EU Recast Regulation on Insolvency
  • Determining where assets are located
  • Exceptions to the lex concursus
  • Rights in rem
  • Set-off
  • Reservation of title (ROT)
  • More...

Recast Regulation on insolvency (Member State to Member State)—which law applies

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 the Regulation (EU) 2015/848 (OJ L141 5.6.2015 p 19), Recast Regulation on Insolvency [EU Recast Regulation on Insolvency] on automatic recognition are no longer applicable to the UK (see Practice Note: Brexit—impact on Recast Regulation on Insolvency).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.

Although the EU Recast Regulation on Insolvency entered 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 26 June 2017 (Article 84(2) of Regulation (EU) 2015/848 (OJ L141/19)). For details of the provisions under the EC

Popular documents