engleski

Cross-Border Insolvency Proceedings: Main and Secondary Insolvency Proceedings Under the New EU Insolvency Regulation

The new EU Insolvency Regulation 2015/848 is going to enter into force in June this year. Although, it brings many novelties such as, a widened scope of application, re-designed concept of the centre of main interest (COMI), introduction of the publicly accessible insolvency registers, the most important amendments are on the main and secondary insolvency proceedings. The main insolvency proceedings are proceedings which shall be opened in Member State where is debtor`s COMI and the secondary insolvency proceedings can be opened in the other Member State where debtor has assets or operation. Briefly, they are two parallel insolvency proceedings that are opened at the same time against the same debtor who has assets and operations in the several Member States of the EU. Taking into account all mentioned and the fact that the secondary insolvency proceedings are often criticized as type of proceedings that hamper the efficient administration of an insolvency estate, the goal of this paper is to examine relationship, legal requirements and other issues that arises in connection to the main and secondary insolvency proceedings in new EU Insolvency Regulation 2015/848. In the first part, paper reflects on the development of the insolvency regulation on the EU level with special emphasis on the latest EU insolvency reform. The central point of this paper is a critical overview of the current EU legislation regarding the main and secondary insolvency proceedings with special emphasize on the existing and potential legal issues. In the final part, paper brings guidelines for the better cooperation and communication between the insolvency practitioners and courts of the EU Member States regarding the main and secondary insolvency proceeding.

cross border insolvency proceedings ; main insolvency proceedings ; COMI ; secondary insolvency proceedings

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