Modernising the European insolvency regulation
If the economic malaise of the last five years has proved anything beyond reasonable doubt it is that many insolvency regimes are not fit for purpose. It is perhaps not surprising to see that many countries have either recently modified their insolvency laws or are in the process of doing so to make them better suited to maximising value and promoting rescues. National insolvency laws are the concern of the individual states within the EU. There is no supranational overarching law that seeks to harmonise the laws applicable to either individual or corporate insolvency throughout all jurisdictions within the EU.
The existing EU Council Regulation (EC) No 1346/2000 on insolvency proceedings which has been in force since 2002 has a much more limited objective which is to harmonise only the recognition of insolvency proceedings throughout the EU and regulate where primary and secondary proceedings can occur. The existing Regulation does little to alter the substantive law affecting creditor rights…
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