The Implementation of the New Insolvency Regulation. Improving Cooperation and Mutual Trust
Following the entry into force of the new Insolvency Regulation across the European Union in June 2017, the MPI Luxembourg has released a book guiding practitioners and national lawmakers through the implementation of the new rules. The title corresponds to volume 10 of the Studies of the Max Planck Institute Luxembourg for International, European and Regulatory Procedural Law collection (320 pp., ISBN 978-3-8487-4448-0).
The book is the result of a 2-year research project, co-funded by the European Commission under the Specific Programme “Civil Justice” and co-led by the MPI Luxembourg together with the Universities of Vienna and Milano. The project aimed to evaluate the changes that were brought to the European Insolvency Regulation in order to keep pace with the substantial developments in domestic law.
Beyond providing an overview of these changes and expected problems that lay ahead, the book puts forth a series of guidelines and recommendations to facilitate the application and interpretation of the new Regulation. It covers the three primary advancements of the Regulation:
(1) pre-insolvency proceedings that discourage liquidation in favour of rescue and restructuring;
(2) procedural instruments which facilitate the administration of complex cross-border insolvencies and, thus, reduce the opening of inefficient parallel insolvency proceedings via the strengthening of procedural cooperation;
(3) a procedural mechanism designed to reinforce coordination of corporate group insolvencies.
The book bridges the gap between academia and practice. Judges and practitioners, including representatives of the German Ministry of Justice, were invited to actively contribute to the discussions and enhanced the academic dialogue. Some of their inputs are published as well in the Annex to the book.
The table of contents can be found here.