European Insolvency Regulation - UK opt-in
The UK government has decided to opt in to the proposal for a Regulation of the European Parliament and of the Council amending Council Regulation (EC) No.1346/2000 on insolvency proceedings.
Jo Swinson, the Insolvency Minister, noted when making the announcement that the UK government will now participate fully in negotiations on the draft text of the amended Regulation, that the proposed amendments will benefit UK businesses affected by insolvency in the EU. The proposed amendments are broadly supported by all the member states, whilst the UK has been particularly active in working with the Commission to formulate the proposals. They are a refinement of the existing Regulation rather than a complete rewriting and the drafting process is expected to conclude during 2013.
Further details of the proposal can be seen in an earlier post – European Insolvency Regulation - New EC Proposal.
Date: 16th April, 2013
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