The European Commission proposed on Tuesday 11 May an update of the Annexes of the 2015 Regulation on Insolvency Proceedings.
In October 2020, the Netherlands notified the Commission of changes to its national insolvency legislation, introducing a new preventive insolvency regime and new categories of insolvency practitioners. Further notifications were received from Italy, Lithuania, Cyprus and Poland in December 2020.
A national proceeding can only be considered an “insolvency proceeding” under the Regulation if it is listed in Annex A of the Regulation. Similarly, the persons and bodies that meet the definition of “insolvency practitioner” provided in the Regulation should be listed in Annex B.
The Commission has analysed the notifications from these Member States to ensure that they comply with the requirements of the Regulation and has proposed an amendment to both annexes accordingly.
The proposal is limited to amending the Annexes to accurately reflect the content of national notifications and does not include any substantive changes to the Regulation, the Commission says.
See the proposed Regulation: https://bit.ly/2RKbbkX and the Annexes: https://bit.ly/3tE2XIn (Original version in French by Marion Fontana)