Regulation (EU) 2015/848 of the European Parliament and of the Council on insolvency proceedings

In the Official Journal of the European Union, L series, no. 141 of 5 June 2015 it was published the Regulation (EU) 2015/848 of the European Parliaments and of the Council on insolvency proceedings.

Object of Regulation: The Union has set the objective of establishing an area of freedom, security and justice. The proper functioning of the internal market requires that cross-border insolvency proceedings should operate efficiently and effectively. This Regulation needs to be adopted in order to achieve that objective, which falls within the scope of judicial cooperation in civil matters.

This Regulation shall apply to public collective proceedings, including interim proceedings, which are based on laws relating to insolvency and in which, for the purpose of rescue, adjustment of debt, reorganisation or liquidation:

(a) a debtor is totally or partially divested of its assets and an insolvency practitioner is appointed;

(b) the assets and affairs of a debtor are subject to control or supervision by a court; or

(c) a temporary stay of individual enforcement proceedings is granted by a court or by operation of law, in order to allow for negotiations between the debtor and its creditors, provided that the proceedings in which the stay is granted provide for suitable measures to protect the general body of creditors, and, where no agreement is reached, are preliminary to one of the proceedings referred to in point (a) or (b).

This Directive shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

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