Regulation 2015/848 - Insolvency proceedings (recast) - Main contents
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official title
Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings (recast)| Legal instrument | Regulation |
|---|---|
| Number legal act | Regulation 2015/848 |
| Original proposal | COM(2012)744  |
| CELEX number i | 32015R0848 |
| Document | 20-05-2015; Date of adoption |
|---|---|
| Publication in Official Journal | 05-06-2015; OJ L 141 p. 19-72 |
| Effect | 25-06-2015; Entry into force Date pub. +20 See Art 92 26-06-2016; Partial application See Art 92 Pt (a) 26-06-2017; Application See Art 92 26-06-2018; Partial application See Art 92 Pt (b) 26-06-2019; Partial application See Art 92 Pt (c) |
| Deadline | 01-01-2016; Review See Art 90.3 27-06-2017; Review See Art 90.1 27-06-2020; Review See Art 90.4 27-06-2022; Review See Art 90.2 |
| End of validity | 31-12-9999 |
5.6.2015 |
EN |
Official Journal of the European Union |
L 141/19 |
REGULATION (EU) 2015/848 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 20 May 2015
on insolvency proceedings
(recast)
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 81 thereof,
Having regard to the proposal from the European Commission,
After transmission of the draft legislative act to the national parliaments,
Having regard to the opinion of the European Economic and Social Committee (1),
Acting in accordance with the ordinary legislative procedure (2),
Whereas:
(1) |
On 12 December 2012, the Commission adopted a report on the application of Council Regulation (EC) No 1346/2000 (3). The report concluded that the Regulation is functioning well in general but that it would be desirable to improve the application of certain of its provisions in order to enhance the effective administration of cross-border insolvency proceedings. Since that Regulation has been amended several times and further amendments are to be made, it should be recast in the interest of clarity. |
(2) |
The Union has set the objective of establishing an area of freedom, security and justice. |
(3) |
The proper functioning of the internal market requires that cross-border insolvency proceedings should operate efficiently and effectively. This Regulation needs to be adopted in order to achieve that objective, which falls within the scope of judicial cooperation in civil matters within the meaning of Article 81 of the Treaty. |
(4) |
The activities of undertakings have more and more cross-border effects and are therefore increasingly being regulated by Union law. The insolvency of such undertakings also affects the proper functioning of the internal market, and there is a need for a Union act requiring coordination of the measures to be taken regarding an insolvent debtor's assets. |
(5) |
It is necessary for the proper functioning of the internal market to avoid incentives for parties to transfer assets or judicial proceedings from one Member State to another, seeking to obtain a more favourable legal position to the detriment of the general body of creditors (forum shopping). |
(6) |
This Regulation should include provisions governing jurisdiction for opening insolvency proceedings and actions which are directly derived from insolvency proceedings and are closely linked with them. This Regulation should also contain provisions regarding the recognition and enforcement of judgments issued in such proceedings, and provisions regarding the law applicable to insolvency proceedings. In addition, this Regulation should lay down rules on the coordination of insolvency proceedings which relate to the same debtor or to several members of the same group of companies. |
(7) |
Bankruptcy, proceedings relating to the winding-up of insolvent companies or other legal persons, judicial arrangements, compositions and analogous proceedings and actions related to such proceedings are excluded from the scope of Regulation (EU) No 1215/2012 of the European Parliament and of the Council (4). Those proceedings should be covered by this Regulation. The interpretation of this Regulation should as much as possible avoid regulatory loopholes between the two instruments. However, the mere fact that a national procedure is not listed in Annex A to this Regulation should not imply that it is covered by Regulation (EU) No 1215/2012. |
(8) |
In order to achieve the aim of improving the efficiency and effectiveness of insolvency proceedings having cross-border effects, it is necessary, and appropriate, that the provisions on jurisdiction, recognition and applicable law in this area should be contained in a... |
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