Private International Law Rules in the Insolvency Regulation Recast: A Reform or a Restatement of the Status Quo?

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Main author: Mucciarelli, Federico
Format: Journal Article           
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id eprints-22151
recordtype eprints
institution SOAS, University of London
collection SOAS Research Online
language English
language_search English
topic K Law (General)
KJ Europe
description The European Parliament, after a lengthy debate, has eventually approved a reform of Regulation 1346/2000 on cross-border insolvency proceedings (hereinafter, the ‘Insolvency Regulation Recast’), which provides for significant innovations of the original Regulation, such as a EU-wide register of insolvencies and a new proceeding for insolvencies of corporate groups. The fundamental logic of the Regulation, however, does not change: the Recast does not harmonise insolvency rules at EU level and its goal is still selecting competent venues and applicable insolvency regimes. In many respects, the reform simply codifies CJEU’s case law, with the aim of increasing legal certainty. The Insolvency Regulation Recast is however innovative regarding the definition of COMI, by repealing the causality relation between criterions of ‘permanence’ and ‘ascertainability’. Eventually, the Recast aims at better coor- dinating secondary proceedings and main proceedings; in this regard, it introduces ‘synthetic secondary proceedings’, whereby the insolvency practitioner of a main proceeding undertakes to respect other Member States distributional criterions in order to avoid the opening of a secondary proceeding. The real impact of these innovations is however uncertain.
format Journal Article
author Mucciarelli, Federico
author_facet Mucciarelli, Federico
authorStr Mucciarelli, Federico
author_letter Mucciarelli, Federico
title Private International Law Rules in the Insolvency Regulation Recast: A Reform or a Restatement of the Status Quo?
publisher De Gruyter
publishDate 2016
url https://eprints.soas.ac.uk/22151/

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