European Insolvency Law (update)

As of tomorrow, 26 June 2017, European cross-border insolvency proceedings will be governed by the Recast Regulation on Insolvency 2015/848, which was published by the European Parliament and Council on 20 May 2015. Regulation 1346/2000 shall continue to apply to insolvency proceedings which fall within the scope of that Regulation and which have been opened before 26 June 2017.

On 22 June 2017, Implementing Regulation (EU) 2017/1105 establishing the forms referred to in article 88 of the Recast Regulation on Insolvency was published. This Regulation contains:

1. The standard notice form to be used to inform known foreign creditors of the opening of insolvency proceedings, as referred to in Article 54(3) of Regulation (EU) 2015/848;
2. The standard claims form which may be used by foreign creditors for the lodgement of claims, as referred to in Article 55(1) of Regulation (EU) 2015/848;
3. The standard form which may be used by insolvency practitioners appointed in respect of group members for the lodgement of objections in group coordination proceedings, as referred to in the second subparagraph of Article 64(2) of Regulation (EU) 2015/848;
4. The standard form to be used for the electronic submission of individual requests for information via the European e-Justice Portal, as referred to in the first subparagraph of Article 27(4) of Regulation (EU) 2015/848.

 

 

Author: Arie Van Hoe

Lawyer (NautaDutilh), voluntary scientific collaborator (University of Antwerp)

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