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Re-writing the Regulation: The UK perspective

Re-writing the Regulation: The UK perspective. Dean Beale, The Insolvency Service. Consultation with UK stakeholders. 2009 - Evaluation of the EC Insolvency Regulation Survey undertaken

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Re-writing the Regulation: The UK perspective

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  1. Re-writing the Regulation: The UK perspective Dean Beale, The Insolvency Service

  2. Consultation with UK stakeholders • 2009 - Evaluation of the EC Insolvency Regulation • Survey undertaken • 69 responses from academics, lawyers, insolvency trade bodies, business groups, banks, judiciary and Govt departments • Regulation generally working well • Fundamental change not needed and could be destabilising • Some reform would be beneficial Dean Beale, The Insolvency Service 12 June 2013

  3. Consultation with UK stakeholders • 2011 - stakeholder group formed • 2013: • Parliamentary scrutiny of Commission proposals • Call for evidence issued on the content of Commission proposals and UK opt-in decision • Commons European Committee debate • UK Govt decides to opt-in to the proposed Regulation Dean Beale, The Insolvency Service 12 June 2013

  4. The proposals • Scope: • how far upstream? • schemes of arrangement • debt adjustment proceedings for natural persons • Determining jurisdiction: • COMI test • forum shopping – a proportionate response? Dean Beale, The Insolvency Service 12 June 2013

  5. The proposals • Insolvency registers: • natural persons – in or out? • technical challenges • Groups: • separate entity or consolidation? • group COMI issues Dean Beale, The Insolvency Service 12 June 2013

  6. Further information: 2009 Evaluation of the EC Insolvency Regulation: http://www.insolvencydirect.bis.gov.uk/insolvencyprofessionandlegislation/policychange/ECquestionnaire/Questionnaire-evaluationofInsolvencyRegulation.doc Responses: http://www.insolvencydirect.bis.gov.uk/insolvencyprofessionandlegislation/policychange/ECIRsurveyresponses.pdf 2013 Call for evidence, responses and Ministerial Statement: http://www.bis.gov.uk/insolvency/news/news-stories/2013/Apr/EUCallForEvidence Commons European Committee debate: Business failure and insolvency http://www.publications.parliament.uk/pa/cm201213/cmgeneral/euro/130304/130304s01.htm Dean Beale, The Insolvency Service 12 June 2013

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