European Insolvency Regulation
Article-by-Article Commentary
Zusammenfassung
The new European Insolvency Regulation (Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings) has come into effect on 26 June 2017 for insolvency proceedings that are opened on or after that date. The Recast Regulation reforms the EC Regulation (1346/2000) on insolvency proceedings.
The main changes of the regulation are:
the extension of its application to preventive insolvency proceedings;
the creation of publicly accessible online insolvency registers;
the possibility of avoiding the opening of multiple proceedings and preventing ‘forum shopping’;
the introduction of new procedures with the aim of facilitating cross-border coordination and cooperation between multiple insolvency proceedings in different Member States relating to members of the same group of companies.
A team of experienced insolvency law experts, among them judges, insolvency practitioners and academics, have analysed the European Insolvency Regulation article by article. The authors focus on the new provisions and mechanisms as well as on the existing and to a great extent still relevant case law by the European Court of Justice and courts of the Member States.
Dr Moritz Brinkmann is professor for insolvency law at the University of Bonn, Germany.
Abstract
The new European Insolvency Regulation (Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings) has come into effect on 26 June 2017 for insolvency proceedings that are opened on or after that date. The Recast Regulation reforms the EC Regulation (1346/2000) on insolvency proceedings.
The main changes of the regulation are:
the extension of its application to preventive insolvency proceedings;
the creation of publicly accessible online insolvency registers;
the possibility of avoiding the opening of multiple proceedings and preventing ‘forum shopping’;
the introduction of new procedures with the aim of facilitating cross-border coordination and cooperation between multiple insolvency proceedings in different Member States relating to members of the same group of companies.
A team of experienced insolvency law experts, among them judges, insolvency practitioners and academics, have analysed the European Insolvency Regulation article by article. The authors focus on the new provisions and mechanisms as well as on the existing and to a great extent still relevant case law by the European Court of Justice and courts of the Member States.
Dr Moritz Brinkmann is professor for insolvency law at the University of Bonn, Germany.
- Kapitel Ausklappen | EinklappenSeiten
- I–XXII Titelei/Inhaltsverzeichnis I–XXII
- 1–10 Introduction 1–10
- 11–24 Regulation (EU) 2015/848 of the European Parliament and of the Council – Recitals 11–24
- 25–198 Chapter I. General Provisions 25–198
- 25–32 Article 1. Scope 25–32
- 33–46 Article 2. Definitions 33–46
- 47–63 Article 3. International jurisdiction 47–63
- 64–69 Article 4. Examination as to jurisdiction 64–69
- 70–73 Article 5. Judicial review of the decision to open main insolvency proceedings 70–73
- 74–82 Article 6. Jurisdiction for actions deriving directly from insolvency proceedings and closely linked with them 74–82
- 83–124 Article 7. Applicable law 83–124
- 125–131 Article 8. Third parties’ rights in rem 125–131
- 132–135 Article 9. Set-off 132–135
- 136–140 Article 10. Reservation of title 136–140
- 141–144 Article 11. Contracts relating to immoveable property 141–144
- 145–151 Article 12. Payment systems and financial markets 145–151
- 152–155 Article 13. Contracts of employment 152–155
- 156–158 Article 14. Effects on rights subject to registration 156–158
- 159–161 Article 15. European patents with unitary effect and Community trade marks 159–161
- 162–190 Article 16. Detrimental acts 162–190
- 191–194 Article 17. Protection of third-party purchasers 191–194
- 195–198 Article 18. Effects of insolvency proceedings on pending lawsuits or arbitral proceedings 195–198
- 199–266 Chapter II. Recognition of Insolvency Proceedings 199–266
- 199–206 Article 19. Principle 199–206
- 207–210 Article 20. Effects of recognition 207–210
- 211–216 Article 21. Powers of the insolvency practitioner 211–216
- 217–219 Article 22. Proof of the insolvency practitioner’s appointment 217–219
- 220–225 Article 23. Return and imputation 220–225
- 226–238 Article 24. Establishment of insolvency registers 226–238
- 239–241 Article 25. Interconnection of insolvency registers 239–241
- 242–243 Article 26. Costs of establishing and interconnecting insolvency registers 242–243
- 244–248 Article 27. Conditions of access to information via the system of interconnection 244–248
- 249–251 Article 28. Publication in another Member State 249–251
- 252–253 Article 29. Registration in public registers of another Member State 252–253
- 254–254 Article 30. Costs 254–254
- 255–257 Article 31. Honouring of an obligation to a debtor 255–257
- 258–263 Article 32. Recognition and enforceability of other judgments 258–263
- 264–266 Article 33. Public policy 264–266
- 267–410 Chapter III. Secondary Insolvency Proceedings 267–410
- 267–277 Article 34. Opening of proceedings 267–277
- 278–281 Article 35. Applicable law 278–281
- 282–314 Article 36. Right to give an undertaking in order to avoid secondary insolvency proceedings 282–314
- 315–323 Article 37. Right to request the opening of secondary insolvency proceedings 315–323
- 324–331 Article 38. Decision to open secondary insolvency proceedings 324–331
- 332–333 Article 39. Judicial review of the decision to open secondary insolvency proceeding 332–333
- 334–335 Article 40. Advance payment of costs and expenses 334–335
- 336–347 Article 41. Cooperation and communication between insolvency practitioners 336–347
- 348–357 Article 42. Cooperation and communication between courts 348–357
- 358–364 Article 43. Cooperation and communication between insolvency practitioners and courts 358–364
- 365–366 Article 44. Costs of cooperation and communication 365–366
- 367–377 Article 45. Exercise of creditors’ rights 367–377
- 378–385 Article 46. Stay of the process of realisation of assets 378–385
- 386–389 Article 47. Power of the insolvency practitioner to propose restructuring plans 386–389
- 390–392 Article 48. Impact of closure of insolvency proceedings 390–392
- 393–395 Article 49. Assets remaining in the secondary insolvency proceedings 393–395
- 396–399 Article 50. Subsequent opening of the main insolvency proceedings 396–399
- 400–404 Article 51. Conversion of secondary insolvency proceedings 400–404
- 405–410 Article 52. Preservation measures 405–410
- 411–426 Chapter IV. Provision of Information for Creditors and Lodgement of their Claims 411–426
- 411–413 Article 53. Right to lodge claims 411–413
- 414–418 Article 54. Duty to inform creditors 414–418
- 419–426 Article 55. Procedure for lodging claims 419–426
- 427–514 Chapter V. Insolvency Proceedings of Members of a Group of Companies 427–514
- 427–464 Section 1. Cooperation and communication 427–464
- Article 56. Cooperation and communication between insolvency practitioners
- Article 57. Cooperation and communication between courts
- Article 58. Cooperation and communication between insolvency practitioners and courts
- Article 59. Costs of cooperation and communication in proceedings concerning members of a group of companies
- Article 60. Powers of the insolvency practitioner in proceedings concerning members of a group of companies
- 465–514 Section 2. Coordination 465–514
- Subsection 1. Procedure
- Article 61. Request to open group coordination proceedings
- Article 62. Priority rule
- Article 63. Notice by the court seised
- Article 64. Objections by insolvency practitioners
- Article 65. Consequences of objection to the inclusion in group coordination
- Article 66. Choice of court for group coordination proceedings
- Article 67. Consequences of objections to the proposed coordinator
- Article 68. Decision to open group coordination proceedings
- Article 69. Subsequent opt-in by insolvency practitioners
- Article 70. Recommendations and group coordination plan
- Subsection 2. General provisions
- Article 71. The coordinator
- Article 72. Tasks and rights of the coordinator
- Article 73. Languages
- Article 74. Cooperation between insolvency practitioners and the coordinator
- Article 75. Revocation of the appointment of the coordinator
- Article 76. Debtor in possession
- Article 77. Costs and distribution
- 515–526 Chapter VI. Data Protection 515–526
- 515–517 Article 78. Data protection 515–517
- 518–520 Article 79. Responsibilities of Member States regarding the processing of personal data in national insolvency registers 518–520
- 521–522 Article 80. Responsibilities of the Commission in connection with the processing of personal data 521–522
- 523–523 Article 81. Information obligations 523–523
- 524–524 Article 82. Storage of personal data 524–524
- 525–526 Article 83. Access to personal data via the European e-Justice Portal 525–526
- 527–544 Chapter VII. Transitional and Final Provisions 527–544
- 527–530 Article 84. Applicability in time 527–530
- 531–534 Article 85. Relationship to Conventions 531–534
- 535–536 Article 86. Information on national and Union insolvency law 535–536
- 537–538 Article 87. Establishment of the interconnection of registers 537–538
- 539–539 Article 88. Establishment and subsequent amendment of standard forms 539–539
- 540–540 Article 89. Committee procedure 540–540
- 541–542 Article 90. Review clause 541–542
- 543–543 Article 91. Repeal 543–543
- 544–544 Article 92. Entry into force 544–544
- 545–548 Annex A 545–548
- 549–552 Annex B 549–552
- 553–554 Annex C 553–554
- 555–558 Annex D 555–558
