Evaluation of EC Insolvency Regulation - consultation period end date postponed - now 29th October 2009
A one-month extension has been given to the evaluation exercise of the EC Insolvency Regulation, which was due to close yesterday. See here for the original blog post. The deadline is now the 29th October 2009. The Insolvency Service sought views on Council Regulation (EC) No 1346/2000 of 29 May 2000 on Insolvency Proceedings (“the EC Insolvency Regulation”). As the Insolvency Service note, "The EC Insolvency Regulation was adopted by the Council of the European Union on 29 May 2000, becoming operative on 31 May 2002. The Regulation (which has direct effect in Member States) aims to provide an ordered regime governing the administration of the affairs of an insolvent whose centre of main interests is in the EU, recognising that cross border issues can arise in insolvency proceedings. Its principal objective is that insolvency proceedings should operate efficiently and effectively. It aims to achieve this principal objective by ensuring that:
- measures to be taken regarding an insolvent debtor’s assets are co-ordinated where the activities of an undertaking have a cross-border effect, and
- incentives for parties to transfer assets or judicial proceedings from one Member State to another, seeking to obtain a more favourable legal position (forum shopping), are avoided."
In relation to their consultation the Insolvency Service note, "The European Commission is required to report on the Regulation by 1 June 2012, and, in preparation, intends to launch a study of the Regulation in 2010. In order that we may be in a position to inform and influence the Commission's report, we are carrying out our own evaluation of the Regulation in advance of the Commission's study. We wish to gather information on the experiences of individuals working with the Regulation in practice to assess whether or not it meets its objectives, focusing on the following 7 main areas:
- General experience of operating the provisions
- Centre of Main Interests (which determines where main proceedings may be opened)
- The interaction of main and secondary proceedings
- The applicable law in any given case
- The opening of proceedings
- Group companies, and
- General technical points."
Responses can be sent to:
The Insolvency Service
21 Bloomsbury St
020 7637 6234
"BPIR is an excellent series, of interest to both corporate and personal insolvency lawyers,...