Insolvency registers in the recast European Insolvency regulation

The establishment of insolvency registers in all Member States and their interconnection is an innovation of the Recast European Insolvency Regulation (EIR), created to “improve the provision of information to relevant creditors and courts and to prevent the opening of parallel insolvency proceedings”. Indeed, the previous EIR does not provide for a mandatory publication of the opening of insolvency proceedings in any other Member State. This is only a possibility given to the liquidator appointed in a main or secondary proceedings. The publication becomes mandatory for the liquidator of the Member State where the main insolvency proceedings are opened only if any Member State within the territory of which the debtor has an establishment requires it.