The following Restructuring & Insolvency guidance note provides comprehensive and up to date legal information covering:
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—table comparing the Recast Regulation and the UNCITRAL Model Law on insolvency for the position post 26 June 2017).
The EC Regulation on Insolvency applies to the Member States (see Practice Note: Main proceedings, secondary and territorial proceedings under the EC Regulation on Insolvency (archived)). The UNCITRAL Model law potentially applies worldwide. EC Regulation on Insolvency, Regulation (EC) 1346/2000 (EC Regulation on Insolvency) is replaced by Recast Regulation on Insolvency, Regulation (EU) 848/2015 (Recast Regulation on Insolvency)—see Recast Regulation on Insolvency—overview.
Although the Recast Regulation on Insolvency entered force on 26 June 2015, the majority of the provisions only became 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
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