On 26 June 2017, the EU Insolvency Regulation (Recast) 848/2015 (“EIR”) becomes applicable for insolvency proceedings and similar proceedings in the EU member states (Art. 84). As of that date, the new rules in Chapter V of the EIR for insolvent company groups also apply. The new provisions regulate scenarios in which more than one member of a company group is in insolvency. Art. 56-60 deal with duties of the parties involved to cooperate and communicate in general and to coordinate the respective insolvency proceedings. For this purpose, group coordination proceedings pursuant to Art. 61-77 can be initiated. Click here for more.
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