Recast Regulation on Insolvency Definition

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What does Recast Regulation on Insolvency mean?

Regulation (EU) 2015/848 (OJ L141 5.6.2015 p 19). The EU Recast Regulation on Insolvency replaced the (original) EC Regulation on Insolvency 1346/2000 with the majority of the provisions taking effect from 26 June 2017. The EU Recast Regulation on Insolvency largely fell away for the UK from 31 December 2020 but has been partially retained into UK law by the Insolvency (Amendment) (EU Exit) Regulations 2019, SI 2019/146 (Retained Regulation (EU) 2015/848, Retained Recast Regulation on Insolvency).

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Checklist of contents for a CVA proposal

Checklist of contents for a CVA proposal This Checklist looks at what information a company voluntary arrangement (CVA) proposal must contain as required by the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 and Statement of Insolvency Practice (SIP) 3.2, as well as by other bodies which may be affected by the CVA, including the Pension Protection Fund (PPF) and British Property Federation (BPF): • the IR 2016, SI 2016/1024, rr 2.2, 2.3 • statement of Insolvency Practice (SIP) 3.2 • PPF requirements, see: Checklist for approval of CVAs involving the Pension Protection Fund • BPF requirement, see: Checklist: British Property Federation engagement protocol and red flags for company voluntary arrangements The CVA proposal will contain the terms of a compromise between a company and its creditors, and therefore must be comprehensive and accurate. Where the proposal or circumstances are complex, the draft should be reviewed or prepared by a lawyer to ensure it correctly reflects the intentions of the arrangement. The proposal needs to be clear and...

Ireland—Determining jurisdiction in civil litigation—checklist

Ireland—Determining jurisdiction in civil litigation—checklist This Checklist offers guidance on how to determine whether an Irish court has jurisdiction to deal with the specific civil dispute. In doing so, it considers provisions under Brussels I (recast), the Lugano Convention and the Hague Convention on Choice of Court Agreements. This Checklist provides an overview of jurisdiction in terms of considering whether the dispute should be dealt with in Ireland. For guidance on: • which specific court an action should be raised in, see Practice Note: Ireland—Starting a civil action • other issues to consider before bringing a civil claim in an Irish court and how to start and progress a civil claim in Ireland, see Practice Notes: Ireland—Starting a civil action and Ireland—Pre-action conduct, and in initiating and case managing a civil claim, Ireland—Progressing and managing a High Court civil claim respectively • other aspects of Irish civil litigation, see: Ireland—Alternative dispute resolution and settlement—overview which links through to detailed guidance on specific aspects of dispute resolution in Ireland This Checklist...

Key cross-border guidelines for insolvency or restructuring cases

Key cross-border guidelines for insolvency or restructuring cases Introduction In addition to the formal provisions of the UNCITRAL Model Law on Insolvency (enacted in England by the Cross-Border Insolvency Regulations 2006 (CBIR 2006), SI 2006/1030) (see Practice Note: UNCITRAL Model Laws—overview), and the Regulation (EU) 2015/848 (OJ L141 5.6.2015 p 19), Recast Regulation on Insolvency [EU Recast Regulation on Insolvency]) which applies between Member States (see: EU Recast Regulation on Insolvency (Member State to Member State)—overview), there are various other guidelines which although having no formal legal status, are sometimes voluntarily chosen by parties to assist in cross-border restructurings and insolvencies including: • INSOL International (International Association of Restructuring, Insolvency & Bankruptcy Professionals): Statement of Principles for a global approach to multi-creditor workouts II, 2017 (the INSOL principles) • INSOL Europe Turnaround Wing Guidelines for Restructuring and Turn Around Professionals (the INSOL TW Guidelines) • ALI (American Law Institute) Principles of cooperation in transnational insolvency cases among the members of the North American Free Trade Agreement...

Brexit—impact on bankruptcy [Archived]

Brexit—impact on bankruptcy [Archived] Status of the UK This document is archived and no longer maintained. From exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK entered an implementation period, during which it continued to be subject to EU law. References to exit day in many Brexit SIs are to be read as reference to IP completion day (Implementation Period completion day, defined in clause 39 as 31 December 2020 at 11.00 pm) (unless that provision is expressly disapplied by the SI in question). For further details, see News Analysis: Brexit—impact of the Withdrawal Agreement and European Union (Withdrawal Agreement) Act 2020 for R&I lawyers and Brexit Bulletin—key updates, research tips and resources. This Practice Note considers the impact of Brexit on bankruptcy under the Insolvency Act 1986 (IA 1986). This Practice Note is part of a suite of documents considering the impact of Brexit, including: • Brexit—impact on Recast Regulation on Insolvency...

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Special administration—special administrators’ progress report

Special administration—special administrators’ progress report [investment bank name] (in special administration) [Joint] Special Administrators’ Progress Report for the six-month period [date] to [date] Notice: About this Report • This Report has been prepared by [names of special administrators], the Special Administrators of [investment bank name] (in special administration), solely to comply with their statutory duty under the Investment Bank Special Administration (England and Wales) Rules 2011, SI 2011/1301, r 122 to provide creditors and clients with an update on the progress of the special administration and for no other purpose. This Report is not suitable to be relied upon by any other person, or for any other purpose, or in any other context. • This Report has not been prepared in contemplation of it being used, and is not suitable to be used, to inform any investment decision in relation to the debt of or any financial interest in [investment bank name] (in special administration). • Any estimated outcomes for creditors and clients included in this Report are...

Debenture: multi-chargor—syndicated—third party—specific monies—for use with a syndicated facilities agreement

Debenture: multi-chargor—syndicated—third party—specific monies—for use with a syndicated facilities agreement This Deed is made on [insert day and month] 20[insert year] Parties 1 THE COMPANIES identified in Schedule 1 (each a Chargor and together the Chargors); and 2 [insert name of Security Agent] as security agent and trustee for the Finance Parties on the terms and conditions set out in the [Facilities Agreement OR Intercreditor Agreement OR Security Trust Deed] (the Security Agent). Recitals (A) The Finance Parties have agreed to make loan facilities available on the terms and conditions set out in the Facilities Agreement to the Principal Obligors (as defined below). (B) [It is a condition precedent to the availability of the loan facilities that each Chargor enter into this Deed for the purpose of providing security in favour of the Security Agent in respect of the Secured Obligations (as defined below). OR The Chargors have agreed to provide security in favour of the Security Agent in respect of the Secured Obligations (as...

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How might the European Commission proposal for new conflict of law rules for assigned claims impact the secondary loan market?

How might the European Commission proposal for new conflict of law rules for assigned claims impact the secondary loan market? Summary This Q&A refers to the European Commission’s proposal for a Regulation on the law applicable to the third-party effects of assignments (the Proposal) published on 12th March 2018, which could have an impact on the market for trading participations in syndicated and bilateral loans. Both of the Loan Market Association (LMA) and the City of London Law Society made representations asking for the Proposal to be shelved or at least amended to accommodate current market practice in the secondary loan market. Their representations are available on their respective websites. It is fair to say that in its original form the Proposal would have disrupted the secondary loan market by making due diligence on the part of a buyer much more complicated for the reasons given below. The UK indicated on 9 July 2018, shortly after publication of this Q&A, that it would not opt in...

What is the Retained Recast Regulation on Insolvency?

What is the Retained Recast Regulation on Insolvency? European Union (Withdrawal Agreement) Act 2020 The European Union (Withdrawal Agreement) Act 2020 (the Act) was introduced to facilitate the ratification and implementation of the Withdrawal Agreement (31 Jan 2020) agreed in principle between the UK and the EU on 17 October 2019. For further details on the Withdrawal Agreement, see Practice Note: Brexit—introduction to the Withdrawal Agreement. The Act contains provisions on various matters, including the implementation period (the term used by the UK or transition period, the term used by the EU; these terms are used interchangeably, see Q&A: In the context of Brexit, what is meant by the ‘transition or implementation period’?). It incorporates several amendments to the European Union (Withdrawal) Act 2018 (EU(W)A 2018), particularly for the purpose of legislating for transition, deferring several provisions from exit day to the end of the implementation period. During the transition period/implementation period The provisions relating to insolvency are largely unchanged; Article 67(3)(c) of the Withdrawal Agreement (31...

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Restructuring & Insolvency weekly highlights—14 November 2024

This week's edition of Restructuring & Insolvency weekly highlights includes: an analysis of the test to be applied when ascertaining an individual’s centre of main interests (‘COMI’) for the purpose of opening insolvency proceedings under the EU Recast Regulation on Insolvency (DL v Land Berlin), a look at a decision to extend freezing orders obtained ex parte under sections 212–213 of the Insolvency Act 1986 (Piacqudio v Sparkes), plus a round-up of other news and cases for restructuring and insolvency professionals.

EU Law weekly highlights—14 November 2024

This week's edition of EU Law weekly highlights includes analysis on the new EDPB guidelines on the scope of the ‘cookie rule’ under the ePrivacy Directive, Court of Justice rulings on the EU GDPR not obliging supervisory authorities to exercise corrective powers in every instance of a breach, the scope of copyright protection for computer programs, and identifying COMI under the EU Recast Regulation on Insolvency, Meta Platforms, Microsoft, Google and X suspending the training of generative AI models due to lack of clarity on AI model training under the EU GDPR, an upcoming ‘omnibus’ regulation to simplify EU due-diligence reporting duties, and EU’s finance targets for COP29. In addition, this week, the European Commission launched the Ecodesign Forum, opened a consultation on guidance on AI system definition and prohibitions under the EU AI Act and initiated the rulemaking process for digital product passport service providers, the Medical Device Coordination Group updated its vigilance guidance for medical devices, and the European Insurance and Occupational Pensions Authority launched a consultation on...

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