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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:
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:
Responses can be sent to:
The Insolvency Service
21 Bloomsbury St
020 7637 6234
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...