Recast Regulation—personal insolvency and COMI
Recast Regulation—personal insolvency and COMI

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

  • Recast Regulation—personal insolvency and COMI
  • Brexit impact
  • Recast Regulation on Insolvency
  • Guidance in the Recast Regulation on Insolvency on COMI
  • EU Court of Justice's guidance on COMI
  • Virgos-Schmit report's guidance on COMI
  • INSOL Europe: European Insolvency Regulation Case Register—guidance from other countries
  • Relevant time for assessing COMI
  • Habitual residence
  • Moving COMI and bankruptcy tourism

Brexit impact

This Practice Note is impacted by the decision of the UK on 23 June 2016 to leave the European Union. For further details, see Practice Note: Brexit—impact on Recast Regulation on Insolvency.

We will continue to monitor developments in this respect and throughout the negotiation period and beyond. In the meantime, for further reading on the impact of Brexit and related issues facing lawyers in this area, see Practice Note: Brexit—worst case scenarios for R&I lawyers.

For updates and details of other Brexit related developments and legislation, see Practice Note: Brexit SI tracker for R&I practitioners. For access to related documents and further reading on Brexit, see: Brexit toolkit.

Recast Regulation on Insolvency

Substantial reforms were made to the 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). For the full text of the Recast 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 were 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