Implementation of the New Insolvency Regulation - Guidelines

By June 2015, the new European Insolvency Regulation 2015/848 entered into force and it will considerably change the general framework of cross-border insolvencies in the EU. In order to address the interwoven issues of cross-border insolvency proceedings under the reformed EIR, the Max Planck Institute Luxembourg for International, European and Regulatory Procedural Law (Professor Dr. Burkhard Hess), the University of Milan (Professor Dr. Stefania Bariatti) and the University of Vienna (Professor Dr. Paul Oberhammer) decided to start a jointly conducted research project on this matter. The research project is funded by a research grant from the EU Commission (JUST/2013/ACTION GRANTS) and specifically focuses on the following issues that are closely interrelated: (i) extension of the scope of application of the EIR to pre-insolvency and hybrid proceedings, (ii) coordination and cooperation between main and secondary insolvency proceedings and (iii) insolvencies of groups of companies.

One of the major objectives was to involve stakeholders in this process. For this purpose, a website was set up by the MPI Luxembourg. The website aims at providing the latest news on the progress of the project. The website can be found here: http://insreg.mpi.lu.

The Recommendations and Guidelines for the Implementation of the New Insolvency Regulation as result of the project are now available here