Proposal for A Regulation Of The European Parliament And Of The Council amending Council Regulation (EC) No 1346/2000 on insolvency proceedings

This proposal is amending Council Regulation (EC) No 1346/2000 of 29 May 2000 on insolvency proceedings (the ‘Insolvency Regulation’ or ‘Regulation’).

The Insolvency Regulation establishes a European framework for cross-border insolvency proceedings. The Regulation applies whenever the debtor has assets or creditors in more than one Member State, irrespective of whether he is a natural or legal person. The Regulation determines which court has jurisdiction for opening insolvency proceedings: Main proceedings have to be opened in the Member State where the debtor has its centre of main interests (COMI) and the effects of these proceedings are recognised EU-wide. Secondary proceedings can be opened where the debtor has an establishment; the effects of these proceedings are limited to the assets located in that State. The Regulation also contains rules on applicable law and certain rules on the coordination of main and secondary insolvency proceedings. The Insolvency Regulation applies to all Member States with the exception of Denmark which does not participate in judicial cooperation under the Treaty on the Functioning of the European Union.

Adopted in May 2000, the Insolvency Regulation applies since 31 May 2002. Ten years after its entry into force, the Commission has reviewed its operation in practice and considers it necessary to amend the instrument.

ESO: Background information: Communication from the Commission to the European Parliament, the Council and the European Economic and Social Committee - A new European approach to business failure and insolvency http://www.europeansources.info/record/communication-from-the-commission-to-the-european-parliament-the-council-and-the-european-economic-and-social-committee-a-new-european-approach-to-business-failure-and-insolvency/

ESO: Background information: Report From The Commission To The European Parliament, The Council And The European Economic And Social Committee on the application of Council Regulation (EC) No 1346/2000 of 29 May 2000 on insolvency proceedings http://www.europeansources.info/record/report-from-the-commission-to-the-european-parliament-the-council-and-the-european-economic-and-social-committee-on-the-application-of-council-regulation-ec-no-1346-2000-of-29-may-2000-on-insolvenc/

EUR-Lex: COM(2012)744: Follow the progress of this document through the decision-making procedure http://eur-lex.europa.eu/legal-content/EN/HIS/?uri=COM:2012:744:FIN

European Commission: SWD(2012)416: Impact assessment http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=SWD:2012:0416:FIN:EN:PDF

European Commission: SWD(2012)417: Summary of the impact assessment http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=SWD:2012:0417:FIN:EN:PDF

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