Council of the European Union and European Parliament 20 May 2015, Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings (recast) Also known as
REGULATION (EU) 2015/848 establishes a framework for cross-border insolvency proceedings within the European Union, aiming to enhance the efficiency and effectiveness of such proceedings. Key provisions include rules on jurisdiction for opening insolvency proceedings, recognition and enforcement of judgments, and applicable law, while also addressing issues like forum shopping and the coordination of multiple proceedings. The Regulation applies to various insolvency scenarios, including those involving natural and legal persons, and emphasizes the need for transparency and collective creditor involvement in the process.AI
European Union ·
Table of Contents CHAPTER I. GENERAL PROVISIONS Article 1. Scope Article 2. Definitions Article 3. International jurisdiction Article 4. Examination as to jurisdiction Article 5. Judicial review of the decision to open main insolvency proceedings Article 6. Jurisdiction for actions deriving directly from insolvency proceedings and closely linked with them Article 7. Applicable law Article 8. Third parties' rights in rem Article 9. Set-off Article 10. Reservation of title Article 11. Contracts relating to immoveable property Article 12. Payment systems and financial markets Article 13. Contracts of employment Article 14. Effects on rights subject to registration Article 15. European patents with unitary effect and Community trade marks Article 16. Detrimental acts Article 17. Protection of third-party purchasers Article 18. Effects of insolvency proceedings on pending lawsuits or arbitral proceedings CHAPTER II. RECOGNITION OF INSOLVENCY PROCEEDINGS Article 19. Principle Article 20. Effects of recognition Article 21. Powers of the insolvency practitioner Article 22. Proof of the insolvency practitioner's appointment Article 23. Return and imputation Article 24. Establishment of insolvency registers Article 25. Interconnection of insolvency registers Article 26. Costs of establishing and interconnecting insolvency registers Article 27. Conditions of access to information via the system of interconnection Article 28. Publication in another Member State Article 29. Registration in public registers of another Member State Article 30. Costs Article 31. Honouring of an obligation to a debtor Article 32. Recognition and enforceability of other judgments Article 33. Public policy CHAPTER III. SECONDARY INSOLVENCY PROCEEDINGS Article 34. Opening of proceedings Article 35. Applicable law Article 36. Right to give an undertaking in order to avoid secondary insolvency proceedings Article 37. Right to request the opening of secondary insolvency proceedings Article 38. Decision to open secondary insolvency proceedings Article 39. Judicial review of the decision to open secondary insolvency proceedings Article 40. Advance payment of costs and expenses Article 41. Cooperation and communication between insolvency practitioners Article 42. Cooperation and communication between courts Article 43. Cooperation and communication between insolvency practitioners and courts Article 44. Costs of cooperation and communication Article 45. Exercise of creditors' rights Article 46. Stay of the process of realisation of assets Article 47. Power of the insolvency practitioner to propose restructuring plans Article 48. Impact of closure of insolvency proceedings Article 49. Assets remaining in the secondary insolvency proceedings Article 50. Subsequent opening of the main insolvency proceedings Article 51. Conversion of secondary insolvency proceedings Article 52. Preservation measures CHAPTER IV. PROVISION OF INFORMATION FOR CREDITORS AND LODGEMENT OF THEIR CLAIMS Article 53. Right to lodge claims Article 54. Duty to inform creditors Article 55. Procedure for lodging claims CHAPTER V. INSOLVENCY PROCEEDINGS OF MEMBERS OF A GROUP OF COMPANIES SECTION 1. Cooperation and communication Article 56. Cooperation and communication between insolvency practitioners Article 57. Cooperation and communication between courts Article 58. Cooperation and communication between insolvency practitioners and courts Article 59. Costs of cooperation and communication in proceedings concerning members of a group of companies Article 60. Powers of the insolvency practitioner in proceedings concerning members of a group of companies SECTION 2. Coordination Subsection 1. Procedure Article 61. Request to open group coordination proceedings Article 62. Priority rule Article 63. Notice by the court seised Article 64. Objections by insolvency practitioners Article 65. Consequences of objection to the inclusion in group coordination Article 66. Choice of court for group coordination proceedings Article 67. Consequences of objections to the proposed coordinator Article 68. Decision to open group coordination proceedings Article 69. Subsequent opt-in by insolvency practitioners Article 70. Recommendations and group coordination plan Subsection 2. General provisions Article 71. The coordinator Article 72. Tasks and rights of the coordinator Article 73. Languages Article 74. Cooperation between insolvency practitioners and the coordinator Article 75. Revocation of the appointment of the coordinator Article 76. Debtor in possession Article 77. Costs and distribution CHAPTER VI. DATA PROTECTION Article 78. Data protection Article 79. Responsibilities of Member States regarding the processing of personal data in national insolvency registers Article 80. Responsibilities of the Commission in connection with the processing of personal data Article 81. Information obligations Article 82. Storage of personal data Article 83. Access to personal data via the European e-Justice Portal CHAPTER VII. TRANSITIONAL AND FINAL PROVISIONS Article 84. Applicability in time Article 85. Relationship to Conventions Article 86. Information on national and Union insolvency law Article 87. Establishment of the interconnection of registers Article 88. Establishment and subsequent amendment of standard forms Article 89. Committee procedure Article 90. Review clause Article 91. Repeal Article 92. Entry into force ANNEX C. Repealed Regulation with list of the successive amendments thereto 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
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