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The Recast European Insolvency Regulation (the “Recast EIR”)

The Recast EIR came into force in the UK, as in all EU member states except Denmark, on 26 June 2017. Its full title is Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on Insolvency Proceedings (recast).

Useful Insolvency Service guidance explains that the Recast EIR “deals with cross-border jurisdiction, cooperation, recognition and enforcement of insolvency proceedings in the EU, [and] replaces EC Regulation (1346/2000) (the original Regulation) making changes to existing provisions and introducing areas of new policy.”

Also in force in the UK from 26 June 2017 are the Insolvency Amendment (EU 2015/848) Regulations 2017 (the “Implementing Regulations”), which are intended to facilitate the smooth operation of the recast Regulation in different parts of the UK.

Points to note are that:

  • references in UK insolvency law to the EC Regulation on Insolvency Proceedings 2000 or the EC Regulation are changed to the EU Regulation on Insolvency Proceedings 2015 or the EU Regulation. For example, notification of whether the EC Regulation applies must now refer to the EU Regulation.
  • New rules 21.9 to 21.17 are introduced into the Insolvency (England and Wales) Rules 2016 dealing with undertakings in synthetic secondary proceedings and with group coordination proceedings.
  • Scottish and Northern Irish insolvency legislation is also amended.
  • The Implementing Regulations do not apply to LLPs.

 

 

Date: 26th June, 2017
Author: Chris Laughton

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