Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings comes into effect on 26 June 2017 for insolvency proceedings that are opened on or after that date. The Recast Regulation replaces the EC Regulation (1346/2000) on insolvency proceedings and has direct effect in the UK until such time as the UK leaves the EU.

Introduction

The Court of Justice of the European Union (CJEU) has just made a pronouncement on three of the most important matters open to interpretation concerning the regime applicable to financial collateral arrangements under Directive 47/2002 of the European Parliament and of the Council of 6 June 2002.

June 2016 BREXIT A changing legal landscape? 1 INTRODUCTION Yesterday, the UK public voted for the UK to leave the European Union ( EU). This briefing discusses, in outline, the potential timetable for Brexit, the possible shape that Brexit might take and the potential impact Brexit might have on certain areas of law relevant to your business.

El Reglamento 2015/848, del Parlamento Europeo y del Consejo, sobre procedimientos de insolvencia (texto refundido), sustituye al Reglamen- to 1346/2000 y se aplicará a los procedimientos de insolvencia que se abran después del 26 de junio del 2017 (DOUE  L 141, de 5 de junio).

In Europe each year there are an estimated 200,000 corporate insolvencies. More than half of the companies set up do not survive their first five years of trading and more than 1.7 million jobs are lost every year as a result. One in five of those companies will have international operations that cross national borders.

The European Union (EU) has sought to introduce an element of harmonization across its Member States, to facilitate the effective operation of cross-border insolvencies.

We take a look at the reforms to the EC Insolvency Regulation in light of the European Parliament’s 4 February vote on the committee of legal affairs’ report on the proposed reforms.

The background

A report has been published on whether the harmonisation of the insolvency laws of EU Member States is necessary or worthwhile. The European Parliament commissioned the report, and it was produced and published by INSOL Europe, the professional association for European restructuring and insolvency specialists.

The report considers:

On 28 June 2010 a motion was passed by the European Parliamentary Committee on Economic and Monetary Affairs requesting that the European Parliament pass a resolution enabling the European Commission to prepare draft legislation on cross-border crisis management in the financial sector. The proposed framework would encompass amongst other things:  

Richtlinie (EU) 2019/1023 des Europäischen Parlaments und des Rates vom 20. Juni 2019)

Am 16. Juli 2019 ist eine Richtlinie in Kraft getreten, die sich u. a. mit vorinsolvenzlichen Restrukturierungmaßnahmen für Unternehmen beschäftigt.

Ein zentrales Ziel der Richtlinie ist es, präventive Restrukturierungsrahmen in den EU-Mitgliedstaaten zu fördern und zu harmonisieren. Die Richtlinie beabsichtigt, die Effizienz von nationalen Restrukturierungs-, Insolvenz- und Entschuldungsverfahren zu steigern und die nationalen Vorschriften und Verfahren anzugleichen.