Due to the complexity of the requirements, this guide will not be able to tell you everything you need to know ab… That regime is provided for in the EU Regulation on insolvency proceedings (1346/2000/EC) (the EIR).
the last edition of the guide at national and EU level with a recast EU Insolvency Regulation 2015/848 May 2015. This process has now effectively come to an end, with a revised version of the EIR having been approved by the EU Council, with a view to it being formally adopted by the EU Parliament in either May or June this year. The Regulation applies between all member states of the European Union, with the exception of Denmark which has an opt-out from the EU's Area of freedom, security and justice, and focuses upon creating a framework for the commencement of proceedings and for the automatic recognition and co-operation between the different member states. The new rules shift focus away from liquidation, helping businesses overcome financial difficultie… Raniero D'Aversa and Daniela Andreatta Posted on May 15, 2014. The EC regulation on insolvency proceedings 1 (the Regulation) was introduced as a directive taking effect in the laws of member states of the European Union, without the need for member states to pass any local law of implementation. The EC Regulation on Insolvency Proceedings 2000 (the “EC Regulation”) is concerned with insolvents who have their COMI (see paragraph 43.0.3) within an EU state, and sets rules to decide where the insolvency proceedings are opened, which country’s law takes precedence and the recognition of the proceeding and the person administering the proceeding. The main changes are: COMI: the New Regulation codifies the concept of "centre of main interests" … The main proceedings are accorded extraterritorial effect throughout the European Union. Achetez et téléchargez ebook The EC Regulation on Insolvency Proceedings: A Commentary and Annotated Guide (English Edition): Boutique Kindle - Bankruptcy : Amazon.fr Insolvency matters had always been specifically excluded from both conventions on policy reasons, but that is no longer the case following the enactment in May this year of the EC Regulation on Insolvency Proceedings (1346/2000 OJ (2000) L160/l). The revised EC Regulation on Insolvency 1 March 2015 The revised EC Regulation on Insolvency - How significant are the changes which will come into force in 2017? Definitions. The EC Regulation on Insolvency Proceedings: A Commentary and Annotated Guide (English Edition) eBook: QC, Gabriel Moss, Fletcher, Ian, QC, Stuart Isaacs: Amazon.de: Kindle-Shop This is an essential work for anyone who requires knowledge of insolvency law in the UK or in any of the other 26 EU countries to which the Regulation is directly applicable. The Regulation, direct binding for 14 Member States, merely deals with issues of jurisdiction and the recognition of insolvency proceedings, opened by a court in another Member State and other related judgments. Council Regulation (EC) 1346/2000 on insolvency proceedings (Insolvency Regulation 2000) imposes conflicts of law rules for insolvency proceedings concerning debtors based in the EU with operations in more than one member state, giving particular prominence to insolvency proceedings begun in the member state in which a debtor has its centre of main interests. It applies only to insolvencies … International Insolvency Institute Third Annual Insolvency Conference Fordham University, School of Law New York City June 9-10, 2003 EU Regulation on Insolvency Proceedings: the first year and the outlook from Greece by George V. Bazinas The EC Regulation has direct binding force in all 27 EU countries and… The Regulation refers to them as main proceedings. 1. The revised regulation will, The aim of the EC Regulation on Insolvency Proceedings (1346/2000) (Regulation) is to improve the efficiency of insolvency proceedings with cross border aspects. Regulation (EU) 2015/848 on Insolvency Proceedings (the Regulation) will come into force next 26 June 2017, replacing the former regulation dealing with this type of proceedings, Regulation (EU) 1346/2000. [7] In relation to companies there is a presumption that the registered office will be the COMI of the company, but this presumption can be (and often is) rebutted. In light of the Covid-19 pandemic, most European countries have implemented measures concerning insolvency proceedings, restructurings and rights of creditors. The regulation deems harmonisation in insolvency proceedings to be essential to the “proper functioning of the internal market”. The UNCITRAL Model Law Forms referred to in Regulation 2015/848. This client alert will focus on three of the key recent cases of the past six months, each of which features the use of English law restructuring tools for non-English companies. The definition of the COMI is left to member states in their implementation of the Regulation, but paragraph (13) of the preamble states: 'The "centre of main interests" should correspond to the place where the debtor conducts the administration of his interests on a regular basis and is therefore ascertainable by third parties.' The Council set up the first common framework for insolvency proceedings in Europe, a regulation on insolvency proceedings. Previous: Introduction Next: Provision The Insolvency Regulation 2000 applies (where it applies at all) to insolvency proceedings relating to debtors with their centre of main interests in an EU member state (other than Denmark) where the insolvency proceedings were opened before 26 June 2017. Insolvency proceedings concerning insurance undertakings, credit institutions, investment undertakings holding funds or securities for third parties and collective investment undertakings should be excluded from the scope of this Regulation. • Groups of distressed companies were ignored by EC Regulation of 29 May 2000 • Currently, each insolvent debtor company is subject to separate insolvency proceedings in the place of its COMI • New framework for group insolvency proceedings • Goal: improving the efficiency of insolvency proceedings concerning different members of a With effect from today, 26 June 2017, the EIR is replaced by a recast regulation (EU 2015/848) (the recast EIR) and it marks the most significant legislative change in relation to cross-border insolvencies within the EU for over 15 years. … The Council Regulation (EC) No. There are two principal pieces of EU legislation which govern insolvency and restructuring: (1) the Council Regulation No 2015/848 on Insolvency Proceedings (the Recast EUIR) replacing the Council Regulation (EC) No 1346/2000 on Insolvency Proceedings ‘the EUIR’; and as Council Regulation No 1346/2000 on Insolvency Proceedings (EIR), has been subject to a long-running review process. EC Regulation on Insolvency Proceedings . The EC Regulation on Insolvency Proceedings 2000 was passed on 29 May 2000 and came into effect on 31 May 2002. [6] The Regulation applies between all member states of the European Union, with the exception of Denmark which has an opt-out from the EU's Area of freedom, security and justice, and focuses upon creating a framework for the commencement of proceedings and for the automatic recognition and co-operation between the different member states. 3, pp.181-208, 2009, 49 Pages
The European Council Regulation No 1346/2000 on insolvency proceedings (the Regulation) was adopted in May 2000 and came into force on 31 May 2002 in order to establish a European framework for cross-border insolvency proceedings. Walters, Adrian and Smith, Anton, 'Bankruptcy Tourism' Under the EC Regulation on Insolvency Proceedings: A View from England and Wales (June 26, 2010). They also bring the current insolvency regulation into line with developments in national insolvency laws introduced since its entry into force in 2002. Example 1: inbound recognition of French insolvency proceedings; Post IP completion day: outbound proceedings (ie English IPs seeking recognition elsewhere) Example 2: outbound recognition of English scheme; Practical issues; Alternatives to using the EU Regulation on Insolvency (EC) 1346/2000; Other issues arising; Status of the UK . After outlining the structural features of the European legal framework that make forum shopping for personal insolvency law possible, including the EC Regulation on Insolvency Proceedings, and explaining why England and Wales in particular has proved to be an attractive ‘tourist’ destination, the article charts how the official receivers and the courts in England and Wales have sought to manage … It has been part of EU law and the law of the United Kingdom since 31 May 2002. • E.g. International Insolvency Review, Vol.19, No. Cookie Settings. Unusually for a European regulation, the EC Insolvency Regulation does not seek to harmonise insolvency laws between the different member states. 1.1 In this Practice Direction, which shall be referred to as the … forum shopping) – mainly in... 2. The EC regulation on insolvency proceedings 1 (the Regulation) was introduced as a directive taking effect in the laws of member states of the European Union, without the need for member states to pass any local law of implementation. Date … 3, pp.181-208, 2009. It replaced the substance of the 1995 Convention. See all articles by Adrian Walters Adrian Walters. The EIR replaces Council Regulation (EC) No 1346/2000 on insolvency proceedings. This page was processed by aws-apollo4 in. EU Regulation 2015/848 of 20 May 2015 on insolvency proceeds (“New Regulation”), recasting the former Regulation (EC) 1346/2000 of 29 May 2000 (“Former Regulation”), came into force on 26 June 20171.The New Regulation will apply to any insolvency proceedings opened as from 26 June 2017. Some forms relating to insolvency proceedings may be found at: Chicago-Kent College of Law - Illinois Institute of Technology . The insolvency practitioner in the main insolvency proceedings or any other person empowered under the national law of that Member State may request the opening of secondary … From 2017 a... 3. [5] It replaced the substance of the 1995 Convention. 116 explains that effectively COMI proceedings are the new “main” proceedings: the COMI tests are very similar to the previous ones and so, where a company’s principal place of business and … The Insolvency Service opened its Call… This is an essential work for anyone who requires knowledge of insolvency law in the UK or any of the other 26 EU countries. Substantial reforms are made to Regulation (EC) 1346/2000 on insolvency proceedings (the EC Regulation on Insolvency) under the Regulation (EU) 848/2015 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings (recast) (the Recast Regulation on Insolvency). Last revised: 21 Aug 2012, Chicago-Kent College of Law - Illinois Institute of Technology.
This guidance provides a basic overview of insolvency proceedings and more detailed information about the documents that must be delivered to Companies House under the Insolvency (England and Wales) Rules 2016. The Regulation, direct binding for 14 Member States, merely deals with issues of jurisdiction and the recognition of insolvency proceedings, opened by a court in another Member State and other related judgments. It determines which member states' courts have jurisdiction. EC Regulation on Insolvency Proceedings European Revolution vs. English Evolution. However, if the debtor has an establishment in another Member State, the courts of this State will have jurisdiction to open territorial insolvency proceedings. overview of the ec regulation on insolvency proceedings 41.8 Purpose of the Regulation The main purposes of the Regulation are to impose rules governing the jurisdiction in which an insolvency proceeding in the EU can be opened and subsequently administered, and to set rules for the recognition in other member states of those insolvency proceedings and the enforcement of those proceedings. –If a non-EU corporate debtor’s COMI is located in the EU, the Regulation applies! Adopting a creditor perspective, we conclude provisionally that the Regulation could usefully be reformed to limit the scope for insolvent debtors to switch their COMI in anticipation of filing for bankruptcy. 3, pp.181-208, 2009, Available at SSRN: If you need immediate assistance, call 877-SSRNHelp (877 777 6435) in the United States, or +1 212 448 2500 outside of the United States, 8:30AM to 6:00PM U.S. Eastern, Monday - Friday.
Regulation (EU) 2015/848 on insolvency proceedings has produced a growing body of case law and practice. Background. 1346/2000 on insolvency proceedings in Europe entered into force May 2002. Keywords: Bankruptcy, Forum Shopping, EU Law, Cross-Border Insolvency, Suggested Citation:
'Bankruptcy Tourism' Under the EC Regulation on Insolvency Proceedings: A View from England and Wales. Two current regimes for international insolvencies have been implemented on something wider than a regional basis: the UNCITRAL Model Law on Cross-Border Insolvency, and the EC Regulation on Insolvency Proceedings 2000. After outlining the structural features of the European legal framework that make forum shopping for personal insolvency law possible, including the EC Regulation on Insolvency Proceedings, and explaining why England and Wales in particular has proved to be an attractive ‘tourist’ destination, the article charts how the official receivers and the courts in England and Wales have sought to manage the influx of foreign bankruptcies in terms of legal principle and process drawing on two reported cases, Eichler and Mitterfellner. The EC Regulations on Insolvency Proceedings (the “EIR“) came into force throughout the European Union (the “EU“) (except Denmark) on May 31, 2002 with the purpose of setting out the rules governing where in the EU insolvency proceedings should be opened, which law applies to the proceedings and to ensure that such proceedings are recognized across the EU. Notice of insolvency proceedings (288 KB) The Council Regulation (EC) 1346/2000 (EU Insolvency Regulation) still applies to EU insolvency proceedings opened prior to 26 June 2017. SECONDARY PROCEEDINGS. This client alert will focus on three of the key recent cases of the past six months, each of which features the use of English law restructuring tools for non-English companies. First, the ‘problem’ of forum shopping debtors has been framed as a problem of policing the line between genuine and fictional relocations. New EU Regulation on Insolvency Proceedings By The EU Insolvency and Restructuring Practice . The Recast Insolvency Regulation provides a common set of rules for EU member states in relation to: (1) the determination of the proper jurisdiction for a debtor’s insolvency proceedings, (2) the substantive law to be applied to the proceedings, and (3) the automatic recognition of proceedings. The Insolvency Regulation is an EU Regulation concerning the rules of jurisdiction for opening insolvency proceedings in the European Union. Posted: 27 Jun 2010
Restructuring & Insolvency analysis: The French Cassation Court holds, in consideration of Articles 3, 16 and 27 of the Regulation (EC) 1346/2000 on Insolvency (the EC Regulation on Insolvency), that in French secondary insolvency proceedings the debtor should not have been sanctioned for not having filed a petition for secondary insolvency proceedings in France. The insolvency proceedings to which this Regulation applies are listed in the Annexes. [9] Article 3 divides proceedings into main proceedings and territorial proceedings. These rules on cross-border insolvency have been updated and modernised in 2015. The Insolvency Regulation 2000 applies (where it applies at all) to insolvency proceedings relating to debtors with their centre of main interests in an EU member state (other than Denmark) where the insolvency proceedings were opened before 26 June 2017. Regulation (EC) No 1346/2000 on insolvency proceedings (EIR) establishes a legal framework for cross-border insolvencies in the EU, unifying private international law rules relating to insolvency proceedings. After outlining the structural features of the European legal framework that make forum shopping for personal insolvency law possible, including the EC Regulation on Insolvency Proceedings and explaining why England and Wales in particular has proved to be an attractive ‘tourist’ destination, the article charts how the official receivers and the courts in England and Wales have sought to manage the influx of … The aim of the Regulation, in … [8], The EC Regulation does not define insolvency, but it does define insolvency proceedings as being 'collective insolvency proceedings which entail the partial or total divestment of a debtor and the appointment of a liquidator'. “establishment proceedings” means insolvency proceedings in England and Wales to which the EU Regulation applies where the debtor has an establishment in the United Kingdom. 1346/2000 on Insolvency proceedings (Regulation) since it came into effect on 31 May 2002. The main changes relate to the assessment of the centre of main interests (COMI) both for corporate and individuals; broadening the scope of secondary proceedings; protection of local i.e. Changes to some of the provisions of the EC Regulation on Insolvency Proceedings (ECRIP) will come into effect in 2017. International Insolvency Review, Vol.19, No. 1346/2000 on insolvency proceedings in Europe entered into force May 2002. The EC Regulations on Insolvency Proceedings (the “EIR“) came into force throughout the European Union (the “EU“) (except Denmark) on May 31, 2002 with the purpose of setting out the rules governing where in the EU insolvency proceedings should be opened, which law applies to the proceedings and to ensure that such proceedings are recognized across the EU. 848/2015 (which replaced EC Regulation No. page . The EC Regulation on Insolvency Proceedings 2000 was passed on 29 May 2000 and came into effect on 31 May 2002. In our first Thought of the Month of 2021, we consider what this means for recognition of UK insolvency proceedings in the EU27 and whether there is an unequal insolvency playing field between the UK and EU member states. BRAC Rent-A-Car International Inc. Figures provided by the European Commission show that, every year in the European Union, these proceedings affect an estimated 200 000 businesses, meaning that 1.7 million jobs are at stake . Such undertakings should not be covered by this Regulation since they are … The EU Recast Regulation on Insolvency Proceedings No. The EC Regulation on Insolvency Proceedings 2000 was passed on 29 May 2000 and came into effect on 31 May 2002. One of the concerns which has been expressed in relation to the EC Regulation is that (other than a reference to the European Court of Justice) there is no mechanism for determining which set of proceedings are to be regarded as the main proceedings if two or more jurisdictions claims that their own proceedings are the main proceedings. Suggested Citation, 565 W. Adams St.Chicago, IL 60661-3691United States, The ArcNG2 Enterprise Park, Enterprise WayNottingham, NG2 1ENUnited Kingdom, Corporate Finance: Governance, Corporate Control & Organization eJournal, Subscribe to this fee journal for more curated articles on this topic, Bankruptcy, Reorganization & Creditors eJournal, IO: Regulation, Antitrust & Privatization eJournal, European Economics: Microeconomics & Industrial Organization eJournal, We use cookies to help provide and enhance our service and tailor content. Raniero D'Aversa and Daniela Andreatta Posted on May 15, 2014. Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings (recast) (the Regulation”) reforms the former Euro“ pean Regulation on Insolvency proceedings (EC) 1346/2000 (the “Original Regulation”). It has been part of EU law and the law of … There has been considerable debate about the perceived abuse of COMI (i.e. Author: Nigel Cook. This chapter considers: The principle provisions of the Regulation. It will be seen that the institutional response in England and Wales has been twofold. [12], UNCITRAL Model Law on Cross-Border Insolvency, "Resolution on the Convention on Insolvency Proceedings of 23 November 1995", "HISTORY AND BACKGROUND TO THE EC REGULATION ON INSOLVENCY PROCEEDINGS", "Council regulation (EC) No 1346/2000 of 29 May 2000 on insolvency proceedings", "Opinion of the Economic and Social Committee on the 'Initiative of the Federal Republic of Germany and the Republic of Finland with a view to the adoption of a Council Regulation on insolvency proceedings, submitted to the Council on 26 May 1999, "Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings", Text of Insolvency Regulation (EC) 1346/2000, https://en.wikipedia.org/w/index.php?title=Insolvency_Regulation&oldid=1003581522, Creative Commons Attribution-ShareAlike License, Directive 2001/24/EC, reorganisation and winding up of credit institutions, Directive 2001/17/EC, reorganisation and winding up of insurance undertakings, This page was last edited on 29 January 2021, at 17:48. The Recast Regulation reforms the EC Regulation (1346/2000) on insolvency proceedings. This practical book provides complete analysis of the revised EU Regulation on Insolvency Proceedings (EIR), the main Regulation on cross-border insolvencies in the EU. The most significant aspects of the Regulation can be reduced to five points: (i) its scope of application has been extended to include pre-insolvency proceedings; (ii) … No. It applies since 31 May … Having sought to illuminate the problems, costs and inconvenience associated with forum shopping from a practitioner standpoint, we explore the ‘good’ versus ‘bad’ forum shopping question and consider the scope for reform of the EC Regulation. Previously secondary proceedings were restricted to winding up proceedings. Geldards LLP. 49 Pages Posted: 27 Jun 2010 Last revised: 21 Aug 2012. EC Regulation on Insolvency 1346/2000—overview [Archived] 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 summarises some of the rules that apply to company voluntary arrangements, moratoria, administrations, receivers, voluntary liquidations, compulsory liquidations and the EC regulations. This page was processed by aws-apollo4 in 0.141 seconds, Using these links will ensure access to this page indefinitely. Both regimes locate the centre of main interest (or "COMI") of the debtor. 4.1 All insolvency proceedings should be commenced and applications in insolvency proceedings should be made using the information prescribed by the Act, Insolvency Rules, the Business and Property Courts Practice Direction and/or other legislation under which the same is or are brought or made. –If a debtor’s COMI is located outside the EU, the Insolvency Regulation does not apply and courts are free to apply their own domestic private international law rules. EU Regulation 2015/848 of 20 May 2015 on insolvency proceeds ("New Regulation"), recasting the former Regulation (EC) 1346/2000 of 29 May 2000 ("Former Regulation"),came into force on 26 June 2017 1.The New Regulation will apply to any insolvency proceedings opened as from 26 June 2017. Secondly, there are signs that the procedural onus on debtors to evidence their claim to English jurisdiction before a bankruptcy order is made has been increased, a move that can be interpreted as a form of institutional resistance designed to raise the barrier to entry. EU member states concluded the Convention on Insolvency Proceedings in 1995,[1] however it never entered into force as ratification by all member states was required and the United Kingdom did not sign within the timelines specified in the Convention.[2][3][4]. In the context of an increasingly globalised economy, an insolvency of a business does produce practical effects in more than one country and this is a reality that could not be overlooked by regulators. COUNCIL REGULATION (EC) No 1346/2000 of 29 May 2000. on insolvency proceedings (OJ L 160, 30.6.2000, p. 1) Amended by: Official Journal . 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