Insolvency Proceedings for Corporate Groups Under the New Insolvency Regulation

Abstract

The European Council adopted the text of the new European Insolvency Regulation (EIR 2015) on 12 March 2015, and the text was subsequently published in the Official Journal of the European Union on the 28 April 2015. In its latest version, the EIR will contain 94 Articles, 89 recitals and 4 annexes. A good part of those new provisions (new Art. 56-77) address the issue of insolvent groups of companies with group members in various member states. This article intends to provide an introduction to these new rules.

Keywords: Corporate Group, Insolvency, Bankruptcy, European Insolvency Regulation, Recast