Applying the Regulation (EU) 2015/848 on insolvency proceedings (Part 3)

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The Recast Insolvency Regulation aims at fostering a proper cooperation between IPs taking into account best practices as set out in the Guidelines adopted by European and International organisations such as UNCITRAL.

In particular, Recital 49 of the EIR 2015 (recast) states that IPs “should be able to enter into agreements and protocols for the purpose of facilitating cross-border cooperation of multiple insolvency proceedings in different Member States concerning the same debtor or members of the same group of companies, where this is compatible with the rules applicable to each of the proceedings. (...) Simple generic agreements may emphasise the need for close cooperation between the parties, without addressing specific issues, while more detailed, specific agreements may establish a framework of principles to govern multiple insolvency proceedings (...)”.

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