EU Regulation On Insolvency Proceedings

EU Regulation 2015/848 of 20 May 2015 on insolvency proceeds ("New Regulation"), recasting the former Regulation (EC) 1346/2000 of 29 May 2000 ("Former Regulation"),came into force on 26 June 2017¹ . The New Regulation will apply to any insolvency proceedings opened as from 26 June 2017.

The main changes are:

• COMI: the New Regulation codifies the concept of "centre of main interests" ("COMI") and establishes a rebuttable presumption that COMI corresponds to the registered office of the company. Such a presumption will not, apply, however, if there has been a move of the registered office during the three-month period prior to the opening of proceedings.
• Opening of secondary insolvency proceedings: It will now be possible to open secondary proceedings in another EU Member State not only if the debtor has an establishment in that EU Member State at the time of the opening of main insolvency proceedings, but also if the debtor had an establishment in that EU