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European Insolvency Regulation

This article discusses the publicity of insolvency proceedings under the European Insolvency Regulation (EIR) and the use of insolvency registers. It explores the need for a European Insolvency Register and the requirements for interconnection of national registers. The article also highlights the remaining provisions on publicity in the recast EIR compared to the old EIR.

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European Insolvency Regulation

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  1. EuropeanInsolvencyRegulation 9. Publicity of insolvency proceedings. Insolvency registers Dr Marek Porzycki

  2. Publicity of insolvencyproceedings – old EIR • no EU-wide register for insolvencies • right to request the publication of the notice on foreigninsolvencyproceedings and on the appointment of the liquidatoraccording to nationalpublicationprocedures (Art. 21(1) old EIR) • possibility to provide for mandatorypublication (Art. 21(2) old EIR) • right to request & possiblemandatoryregistration in public registers (Art. 22 old EIR) Significance: goodfaithaccording to provisions on efectiveness of legalactsrelated to the debtorfollowing the opening of proceedings, e.g. payment of a debt to the debtorinstead of the liquidator (see Art. 24 old EIR), disposal of real estate (see Art. 14 old EIR)

  3. Basic question for EU-wide publicity of insolvencyproceedings • Is there a need for a European insolvency register? Two options: • creation of a new Europe-wide insolvency register for cases with international elements, to function in parallel to national registers • harmonization of national insolvency registers, interconnection, providing access via a common access point

  4. Interconnection of insolvencyregisters under therecast EIR • minimum requirements for Member States’ insolvency registers (Art. 24 EIR): • contents of the mandatory information • exclusion for consumer insolvency proceedings (Art. 24(4) EIR) • minimum technical features to be specified by the Commission in implementing acts (Art. 25(2) EIR) so that interconnection is possible  national insolvency registers should be internet-based and searchable

  5. Interconnection of insolvencyregisters under therecast EIR • a decentralised system of interconnected registers to be established by the Commission, with the European e-Justice Portal as central public access point (Art. 25 EIR): • internet access • searchability • access to mandatory information in national insolvency registers free of charge (Art. 27(1) EIR) • further limitations possible in case of access to information on consumer insolvency proceedings (Art. 27(3) and (4) EIR)

  6. Interconnection of registers - timing • a pilot project is already running in a basic version including 9 Member States (DE, AT, IT, CZ, EE, NL, SL, RO, LT): see https://e-justice.europa.eu/content_interconnected_insolvency_registers_search-246-en.do • requirement to establish national insolvency registers – 26 June 2018 (Art. 92 in conjunction with Art. 24(1) EIR) • detailed implemetation – 26 June 2019 (Art. 92 in conjunction with Art. 25(2) EIR)

  7. Remainingprovisions on publicity in therecast EIR (as compared to old EIR) • Old EIR: right to request the publication of the notice on foreign insolvencyproceedings and on the appointment of the liquidatoraccording to national publicationprocedures (Art. 21(1) old EIR), possibility to provide for mandatorypublication (Art. 21(2) old EIR) • Recast EIR: • mandatorypublication in MemberStateswhere an establishment of thedebtorislocated: duty of theinsolvencypractitioner(ordebtorinpossession) to requestsuchpublication (Art. 28(1) EIR); • right to requestpublication in otherMemberStates (Art. 28 (2) EIR)

  8. Remainingprovisions on publicity in therecast EIR (as compared to old EIR) • Old EIR: right to request & possiblemandatoryregistration in public registers (Art. 22 old EIR). Examples: companies register, real estate register. • Recast EIR: • mandatoryregistration in MemberStateswhere an establishment islocated, ifdisclosure of insolvencyproceedingsisrequired by local law (Art. 29(1) EIR). Duty of theinsolvencypractitionerorthedebtorinpossession to ensuresuch a registration. • right to requestregistrationinotherMemberStates (Art. 29 (2) EIR)

  9. Furtherreading • Commission press release of 7.7.2014 on the interconnection of insolvency registers http://europa.eu/rapid/press-release_IP-14-774_en.htm

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