EC Regulation on insolvency proceedings (Insolvency Regulation)
Also known by its official title, Council Regulation (EC) 1346/2000 on insolvency proceedings (Insolvency Regulation). The Insolvency Regulation came into force on 31 May 2002. It is directly applicable (having automatic legal effect and prevailing over domestic legislation) in all member states in the European Union ( www.practicallaw.com/6-107-6562) (EU), excluding Denmark.
The Insolvency Regulation introduces conflicts of law rules for insolvency proceedings concerning debtors based in the EU with operations in more than one member state, giving particular prominence to insolvency proceedings commenced in the member state in which a debtor has its centre of main interests ( www.practicallaw.com/6-503-3605) ; insolvency proceedings elsewhere in the EU should be purely local in effect.
The Insolvency Regulation does not harmonise substantive law between EU member states.
The Insolvency Regulation is to be replaced by Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings (recast) (Recast Insolvency Regulation). The Recast Insolvency Regulation will apply to insolvency proceedings commencing on or after 26 June 2017.
For more information, see Practice note, The EC Regulation on insolvency proceedings ( www.practicallaw.com/5-578-1387) .
For the official text of the Insolvency Regulation, see Council Regulation (EC) 1346/2000 on insolvency proceedings (OJ 2000 L 160/1) ( www.practicallaw.com/1-385-0295) .