Regulation (EU) 2015/848 (the "Recast Insolvency Regulation") has come into force for any insolvency proceedings commenced on or after 27 June 2017. In line with EU Insolvency Regulation 1346/2000 (the "Original Insolvency Regulation"), the Recast Insolvency Regulation focusses on cross border recognition of Insolvency proceedings and, as a Regulation, it applies without the need for specific implementing legislation in each state.
Changes in the Recast Insolvency Regulation include adding further rules for group insolvencies, secondary proceedings and allowing for the recognition of more interim rescue proceedings. There are measures to prevent abuse of the COMI system, where COMI is changed prior to insolvency proceedings, as well as a new combined insolvency register across the EU. Please click to view our articles on cross border insolvencies [https://www.ashfords.co.uk/article/a-guide-to-cross-border-insolvencies] and the potential effect of Brexit [https://www.ashfords.co.uk/article/a-guide-to-cross-border-insolvencies].