The Insolvency Regulation is an EU Regulation concerning the rules of jurisdiction for opening insolvency proceedings in the European Union. clerks@erskinechambers.com. There will be grounds to open insolvency proceedings in the UK where: The debtor’s centre of main interests (COMI) is in the UK. The regulation contains a set of procedural rules aimed at ensuring the efficient administration of insolvency proceedings relating to different companies forming part of a group of companies. if ( element.value == 'Search...' ) { The Model Law is in general not reciprocal in that UK courts will apply the Model Law to all non-UK insolvency office holders (subject to meeting certain conditions) regardless of whether the relevant foreign country itself has ratified the Model Law. (Rubin v. Eurofinance SA [2012] UKSC46, Singularis Holdings Ltd v. PriceWaterhouseCoopers [2014] UKPC 36). While the EIR fundamentally reformed the way cross border insolvencies are conducted it is, as things go, a fairly recent development to cross border insolvency law. “Proceedings to which the EU Regulation as it has effect in the law in the United Kingdom does not apply” will be encountered where, per Dear IP no. The Withdrawal Bill could provide that the Recast EUIR becomes part of the UK’s domestic legislation. Final text for the Amended EU Regulation on Insolvency proceedings The process to update and extend the existing European Regulation on Insolvency Proceedings (EUIR) was commenced almost 2 years ago to the day, now the final text for Amended Regulation has been published. 1(1)(c) of the Regulation. However, if the debtor has an establishment in another Member State, the courts of this State will have jurisdiction to open territorial insolvency proceedings. Published initiatives. EU Regulation on insolvency proceedings. This is to ensure all creditors are on an equal footing and protect the debtor's assets. Definitions. } What is not clear is whether an office holder would be able to take steps under the Recast EUIR and seek orders pursuant to it after the withdrawal date. The EU Exit Regulations essentially erase a great deal of the 2015 Recast Insolvency Regulation and amend the provisions that apply to jurisdiction. 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. }, General information on EU law, national Member State law and international law, General information on case law at EU and national level, General information on the organisation of justice at EU and national level, General information on the types and organisation of legal professions at EU and national level as well as on various justice networks, Information on the European Judicial Network in civil and commercial matters, European Judicial Network in civil and commercial matters, Guidelines and information on cross-border legal proceedings: from initiation to enforcement, General information on mediation at EU and Member State level, Information on tools and facilities designed to facilitate the work of courts and justice practitioners at EU and national level, General information on business, land and insolvency registers at EU and Member State level, Guidelines on how to to find a lawyer, notary, legal translator/interpreter or mediator, General information on judicial training on EU law for legal practitioners opportunities and facilities at EU and Member State level, User friendly on-line forms contained in legislation concerning civil and commercial matters, This Atlas provides you with a user-friendly access to information relevant for judicial cooperation in civil matters. 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. To be an effective substitute for the Recast EUIR (which applies whenever the COMI is in the UK) more countries would need to ratify the Model Law. 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. Where main insolvency proceedings concerning a legal person or company have been opened in a Member State other than that of its registered office, it should be possible to open secondary insolvency proceedings in the Member State of the registered office, provided that the debtor is carrying out an economic activity with human means and assets in that State, in accordance with the case-law of the … situated, are subject to these proceedings; and all creditors are entitled to (and obliged to) participate in them. The New Regulation will apply to any insolvency proceedings opened as from 26 June 2017. With effect from January 1, 2021, both the Recast Insolvency Regulation and the Recast Brussels Regulation ceased to apply in respect of new EU proceedings in the UK and in respect of new UK proceedings in the EU, and parties will need to look to individual states’ domestic law (including relevant EU law) for recognition. A recent letter dated 31st October 2017 from the City of London Solicitors Law Society to the Government stated, that in their experience, ‘…the existence of a predictable and transparent process for the implementation and recognition of insolvency and restructuring procedures is a key factor taken into account by lenders and investors in their decisions on whether, and if so to what extent, they shall enter into financing transactions that are governed by English law as against the law of other jurisdictions.‘. However, if the debtor has an establishment in another Member State, the courts of this State will have jurisdiction to open territorial insolvency proceedings. Please select the relevant country's flag to obtain detailed national information. The New Regulation will apply to any insolvency proceedings opened as from 26 June 2017. The latter will fall under the general rules of private international law. The Recast Brussels Regulation which is of course familiar to those dealing with civil and commercial disputes, relating to jurisdiction and enforcement of judgments, is also important in insolvency/restructuring and more particularly, corporate restructuring. 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 Insolvency has undergone a real cross border transformation in the last 20 years. //element.setSelectionRange(0, 1000); Forms referred to in Regulation 2015/848. Insolvency cases involving companies or entrepreneurs with activities, assets or affairs in several countries can be resolved under EU law – specifically Regulation 2015/848 (see here for a summary of how it works). setTimeout(function() { element.select(); }, 10); If a company is established in several EU Member States, the opening of insolvency proceedings The information on this page does not necessarily reflect the official position of the European Commission. "Foreign" retains a more natural meaning in examining U.S.-based cross-border bankruptcy cases here, describing cases involving parties and jurisdictions located outside of the U.S. 2. GENERAL PROVISIONS 1. Consumer Sales and Guarantees Directive (1999/44), Unfair Commercial Practices Directive (2005/29), Misleading and Comparative Advertising Directive (2006/114), Information on national law (information sheets), Court fees concerning European Payment Order procedure, Court fees concerning Small Claims procedure, Property consequences of registered partnerships, Cross-border placement of a child including foster family, Particularities of cross-border mediation, Restrictions on successions – special rules, If my claim is to be considered in this country, If my claim is to be sent from this country to another EU country, If my claim (from another country) is to be considered in this country, Rights of victims of crime in criminal proceedings, Mutual recognition of protection measures, Rights of defendants in criminal proceedings, European Investigation Order, mutual legal assistance and Joint Investigation Teams, European Judicial Atlas in criminal matters, Interconnected insolvency registers search, Find a legal translator or an interpreter, European training networks and structures, Training of legal practitioners at national level, National training structures for the judiciary, Court staff's training systems in the Member States, Lawyers' training systems in the Member States, Judgments in civil and commercial matters forms, Matrimonial matters and matters of parental responsibility forms, European Account Preservation Order forms, Mutual recognition of protection measures forms, Access to justice in environmental matters, Judgments in civil and commercial matters - Brussels I Regulation, Mutual recognition of protection measures in civil matters, Law applicable to divorce and legal separation, Matrimonial matters and matters of parental responsibility, Matters of the property consequences of registered partnerships, Objection with regard to group coordination proceedings, Can usually apply for a procedure involving an. Dx: 308 London Chancery Lane, Call: 020 7242 5532 WC2A 1EN Search However this will require UK courts to recognise and enforce the status and actions of EU insolvency office holders without the reciprocity which lies at the heart of the Recast EUIR. The recast EU Insolvency Regulation 2015 (the EIR) determines the proper jurisdiction for a debtor's insolvency proceedings, the applicable law to be used in those proceedings and provides for mandatory recognition of those proceedings in EU Member States. The Regulation refers to them as main proceedings. } However, politics may well intervene to prevent this, namely the UK government’s ‘red line’ stance relating to the jurisdiction of European Court of Justice and the fact that outside the EU must never be better than inside the EU (the refusal to allow the UK to ‘have your cake and eat it’, or to carry out ‘cherry picking’). Art. EUR-Lex Access to European Union law English EN (current language) Language български (bg) Español (es) Čeština (cs) Dansk (da) Deutsch (de) Eesti keel (et) ελληνικά (el) English (en) Français (fr) Gaeilge (ga) Hrvatski (hr) Italiano (it) Latviešu valoda (lv) Lietuvių kalba … Cross-border insolvency (EU rules) Insolvency cases involving companies or entrepreneurs with activities, assets or affairs in several countries can be resolved under EU law – specifically Regulation 2015/848 (see here for a summary of how it works). The UK Government’s position paper seeks to negotiate an agreement with the EU involving cross border judicial cooperation on a reciprocal basis, without specific reference to insolvency. Currently, English office holders will lose the automatic recognition in the Courts of the EU Member States as well as losing the streamlined ability to enforce related orders and judgments in these other countries or even to seek to repatriate assets located in other jurisdictions. Insolvency deserves further post Brexit consideration alongside recognition and enforcement of civil and commercial judgments. Raquel Agnello QC sets out why this issue merits a proactive approach in the Brexit negotiations. Beginning May 31, 2002, in most of the European Union (EU) countries, the regulation on insolvency proceedings will come into effect. Inbound: insolvency proceedings commenced in EU member states would need to rely on the UK’s domestic rules of recognition, such as section 426 of the Insolvency Act 1986 (in the case of the Republic of Ireland) or the Cross Border Insolvency Regulations 2006 (which incorporate the UNCITRAL Model Law on Cross Border Insolvency). At present, only 41 countries have ratified the Model Law. This means that an insolvency pr… //element.select(); if ( jQuery.trim(element.value) == '' ) { Without a new treaty or treaties between the EU/Member States and the UK, the giving of recognition and assistance in insolvency cases will be governed by: (1) The common law doctrine of modified universalism which will allow for recognition and assistance to non-UK office holders, but not the enforcement of orders and judgments. It has served the UK well and has enabled the UK to attain a well-deserved reputation for these areas of cross border work. It is not possible for the UK to legislate to replicate the effects of the Recast EUIR by providing for post Brexit recognition in the EU of the UK’s domestic insolvency proceedings. On 29 May 2000 the EU Council adopted the Regulation on Insolvency Proceedings (the Regulation). Importantly, the Recast EUIR prevents more than one jurisdiction from opening and dealing with the main insolvency proceedings. Insolvency law in the EU is regulated primarily through Regulation No 1346/2000 as updated by Regulation 2015/848 which comes into effect from 26 June 2017. function simpleSearchText_onblur(element) { There will be grounds to open insolvency proceedings in the UK where: The debtor’s centre of main interests (COMI) is in the UK. 33 Chancery Lane Those insolvency proceedings are listed exhaustively in Annex A. 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 That regime is provided for in the EU Regulation on insolvency proceedings (1346/2000/EC) (the EIR). There has been recent case law dealing with the ambit of modified universalism and it is anticipated that there will be a growth of case law in this area. Its present use to UK office holders is therefore limited. 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 . While directly applicable, the Regulation does require “enabling” national legislation, to facilitate the application of the new rules and allow the system to operate as envisaged. 116, “one of the UK’s other grounds for the opening of insolvency proceedings has been relied upon”. With effect from January 1, 2021, both the Recast Insolvency Regulation and the Recast Brussels Regulation ceased to apply in respect of new EU proceedings in the UK and in respect of new UK proceedings in the EU, and parties will need to look to individual states’ domestic law (including relevant EU law) for recognition. Pricewaterhousecoopers [ 2014 ] UKPC 36 ) proceedings May be the only into... 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