COMIng, and Here to Stay. The Review of the European Insolvency Regulation

Abstract

In this contribution I summarily review the changes to the European Insolvency Regulation (‘EIR’). The new Regulation, 2015/848, will apply to insolvency proceedings opened after 26 June 2017. It repeals Regulation 1346/2000. I will use ‘EIR 2015’ for the new Regulation and ‘former EIR’ when I refer to Regulation 1346/2000. In reviewing the changes, I have given readers uninitiated with the Regulation some context to the core provisions and ambitions of the Regulation. However this article is not meant to provide general instruction into the EIR as a whole.

As a preliminary note, the Regulation’s official title is a bit of a misnomer. The title of the Regulation is simply ‘Regulation [number] on insolvency proceedings’. However the Regulation does not harmonise substantive insolvency law. It is an instrument of private international law, harmonising jurisdictional rules, applicable law and recognition and enforcement of judgments in insolvency matters.

Keywords: Insolvency; EU; Conflict of laws; COMI; Litigation; Dispute Resolution

JEL Classification: K19; K21; K41