The Recast European Insolvency Regulation (the “Recast EIR”)
- Thursday, July 6, 2017
Author: Chris Laughton
The Recast EIR came into force in the UK, as in all EU member states except Denmark, on 26 June 2017. Its full title is Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on Insolvency Proceedings (recast).
Useful Insolvency Service guidance explains that the Recast EIR “deals with cross-border jurisdiction, cooperation, recognition and enforcement of insolvency proceedings in the EU, [and] replaces EC Regulation (1346/2000) (the original Regulation) making changes to existing provisions and introducing areas of new policy.”
Also in force in the UK from 26 June 2017 are the Insolvency Amendment (EU 2015/848) Regulations 2017 (the “Implementing Regulations”), which are intended to facilitate the smooth operation of the recast Regulation in different parts of the UK.
Points to note are that: