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Insolvency proceedings: new EU rules 18/03/2015 New EU-wide rules on insolvency proceedings took a step forward this month when the Council of Ministers adopted its position on the draft regulation at first reading.

Insolvency proceedings: new EU rules 

New EU-wide rules on insolvency proceedings took a step forward this month when the Council of Ministers adopted its position on the draft regulation at first reading. This will enable the European Parliament, with which an agreement on a compromise package in relation to the new rules has been already reached, to adopt the text at second reading at its session of May or June 2015.

The new rules are aimed at making cross-border insolvency proceedings more efficient and effective, benefiting debtors and creditors, facilitating the survival of businesses and presenting a second chance for entrepreneurs, says the Council. They also bring the current insolvency regulation into line with developments in national insolvency laws introduced since its entry into force in 2002.

The current rules cover liquidation proceedings but will now be extended in scope to cover:

  • proceedings that provide for the restructuring of a debtor at a stage where there is only a likelihood of insolvency;
  • proceedings that leave the debtor fully or partially in control of his assets and affairs; and
  • proceedings providing for a debt discharge or a debt adjustment of consumers and self-employed persons.

Other changes include improvements in the procedural framework for determining jurisdiction and a requirement that Member States publish relevant information in a publicly accessible electronic register. 

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