New rules facilitating cross-border insolvency proceedings enters into force today

On 26 June 2017 the new rules on cross-border insolvency proceedings, proposed by the Commission in 2012 and adopted by the EU legislators in 2015, entered into force throughout the European Union.

The new rules aimed at facilitating debt recovery in cross-border insolvency proceedings. They made it easier for businesses to restructure and for creditors to get their money back, by ensuring that collective procedures for cross-border debt recovery are effective and efficient. The Regulation focused on resolving the conflicts of jurisdiction and laws in cross-border insolvency proceedings. It also ensured the recognition of insolvency-related judgments across the EU.