A First Critical Appraisal of The New European Insolvency Regulation

Regulation (EC) 1346/2000 on insolvency proceedings has been recasted by Regulation (EU) 2015/848 of 20 May 2015. The revision aims to bring the current Regulation up to date in relation to the process that EU commenced towards a new approach on insolvency and business failure, which stresses the role of rescue and restructuring as crucial means to give the debtor a second chance. All the resulting amendments naturally are conceived of with a view to strengthen the efficiency in a cross-border insolvency administration, without overlooking rights and interests of creditors and third parties. This contribution provides a first critical overview of the main revision’s novelties so as to assess whether and to what extent Regulation 2015/848 may reach the objectives targeted by the EU legislator.