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posted 9 years ago
The EU has a new regulation on cross-border insolvency proceedings
The new Regulation No. 848 of 20 May 2015 allows you to restructure your debt more easily and recover your receivables.
Recognizes the judgments of the courts of the Member States on cross-border insolvency;
Resolves conflicts of jurisdiction between jurisdictions on national standards to be applied for cross-border credit claims;
Allows judges to evaluate the practice of “shopping forums”
The most important news. The bankruptcy records of each EU country will be networked. Creditors who have their registered office in any EU country must be informed of the opening of insolvency proceedings related to the activities of their debtor. In any EU country you may be informed about the procedures open to your debtor. The enforcement court and the liquidator / judicial factor of an EU Member State must comply with the EU criteria.
Foreign creditors can participate more easily in insolvency proceedings.
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