THE REGULATION (EU) 2015/848 ON INSOLVENCY PROCEEDINGS ON ITS WAY TO A NEW PERSPECTIVE ON CROSS-BORDER INSOLVENCY
THE REGULATION (EU) 2015/848 ON INSOLVENCY PROCEEDINGS ON ITS WAY TO A NEW PERSPECTIVE ON CROSS-BORDER INSOLVENCY

Summary/Abstract: On May 2015, 20th the European Parliament and the Council set up the EU Regulation n. 848/2015, published in the Official Journal n. L 141 on 5 June 2015 (the “Recast Regulation”) amending the EC regulation n. 1346/2000 on insolvency proceedings. The Regulation 2015/848 entered into force from 25 June 2015 but it will be applicable to relevant insolvency proceedings from 26 June 2017, with some exceptions, recasting the previous discipline.The Regulation adopts a new rescue and recovery perspective on insolvency, regarding insolvency not only as liquidation but also facilitating the survival of businesses and presenting a second chance for entrepreneurs, making cross-border insolvency proceedings more efficient, developing the proper functioning of the internal market.This paper presents briefly the main provisions of the Recast, how the text of the European Insolvency Regulation has been improved, and a short analyse of some problems of harmonisations of the insolvency legislation with the actual European standards and future objectives.

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