Regulation (EU) 2017/353 replacing Annexes A and B to Regulation (EU) 2015/848 on insolvency proceedings

What it is

to replace the lists of insolvency proceedings and insolvency practitioners in Annexes A and B to Regulation (EU) 2015/848 on insolvency proceedings. PROPOSED ACT: Regulation of the European Parliament and of the Council. ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council. BACKGROUND: Regulation (EU) 2015/848 of the European Parliament and of the Council on insolvency proceedings (recast) entered into force on 26 June 2015. It will apply from 26 June 2017, with the exception of the part relating to the system for interconnection of national insolvency registers, which will apply from 26 June 2019. The European Parliament adopted by 640 votes to 30, with 32 abstentions, a legislative resolution on the proposal for a regulation of the European Parliament and of the Council replacing the lists of insolvency proceedings and insolvency practitioners in Annexes A and B to Regulation (EU) 2015/848 on insolvency proceedings. The Commission proposal seeks to replace the lists for Poland in Annexes A and B to Regulation (EU) 2015/848 with new lists taking into account the information notified by that Member States. Parliament’s position adopted at first reading following the ordinary legislative procedure amended the Commission proposal as follows: reflect the position of the United Kingdom and of Ireland respectively with regard to the Commission proposal pursuant to Protocol (No 21) on the position of the United Kingdom and Ireland in respect of the area of freedom, security and justice. These amendments recalled that, in accordance with Protocol (No 21): (a) the United Kingdom has given notice of its wish to take part in the adoption and application of this Regulation; (b) Ireland will not participate in the adoption of this Regulation and will not be bound by it or be subject to its application; aligns the entry into application of the amending regulation with that of Regulation (EU) 2015/848: thus, the amending Regulation will enter into force on 26 June 2017. LEGISLATIVE ACT: Regulation (EU) 2017/353 of the European Parliament and of the Council replacing Annexes A and B to Regulation (EU) 2015/848 on insolvency proceedings. CONTENT: this Regulation replaces the lists for Poland in Annexes A and B to Regulation (EU) 2015/848 with new lists taking account of the information notified by that Member State. Annexes A and B to Regulation (EU) 2015/848 list the designations given in the national law of the Member States to the insolvency proceedings and insolvency practitioners to which that Regulation applies. Annex A lists the insolvency proceedings referred to in point (4) of Article 2 of that Regulation and Annex B lists the insolvency practitioners referred to in point (5) of that Article. In December 2015, Poland notified the Commission of a substantial reform of its internal restructuring law and requested that the lists in Annexes A and B to the Regulation be amended accordingly. The United Kingdom shall participate in the adoption and application of the Regulation, whereas Ireland and Denmark shall not. ENTRY INTO FORCE:…

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