Legal Development

Published date01 October 2015
Date01 October 2015
Subject MatterLegal Development
22 MJ 5 (2015) 771
B W*
A er two and a half years of consultation and negotiation, the European Council and
the European Parl iament have reached an agreement on the text of the ‘new’ Insolvency
Regulation.1 e existing Insolvency Regulat ion (EIR),2 in legal force since May 2002,
will be repea led on the day of the entry into force of the EU Insolvency Regulation
(recast) (EIR Recast), which is 26June 2017.3 e legislative process was commenced
on the basis of Article 46 EIR, which obliges the European Com mission to present to
the European Parl iament, the Council and the Economic and Socia l Committee ‘(…) a
report on the application of this Regulation’.  is report is commonly referred to as the
Heidelberg-Luxembourg-Vienna Report, a title which re ects the involved (professors
of the) universities as principle dra ers.4 Article 46 EIR furthermore requires t hat
the report ‘(…) shall be accompanied if need be by a proposal for adaptation of this
Regulation’.  e European Commission’s proposal of 12December 20125 is based on
said report, on disc ussions and consultations with a group of exper ts and an appraisal of
the e ects on existing EU pol icy.6
* Prof. em. of internation al insolvency law, Universit y of Leiden, the Netherlands. Ex ternal Scienti c
Fellow Max Planc k Institute Luxem bourg for Internationa l, European a nd Regulatory P rocedural
Law. It should be disclose d that the author has advised t he European Committe e on the recast of the
Insolvency Reg ulation. He can be reache d via info@bobwessel
1 Europ ean Par liame nt legis lative r esolut ion of 20M ay 2015 on t he Counc il posi tion at  rst reading wit h
a view to the adoption of a re gulation of the European Parl iament and of the Council on insol vency
proceedings (rec ast) (16636/5/2014 – C8–0090/2015 – 2012/0360(COD)) (Ordinary legisl ative
procedure: second rea ding).
2 Council Reg ulation (EC) No 1346/200 0 of 29May 2000 on insolvenc y proceedings, [2000] OJ L 160/1.
3 Article92 , Regulation (EU) 2015/848 of the Eu ropean Parliament and the C ouncilof 20May 2015 on
insolvency proc eedings (recast) (EIR (Reca st)), [2015] OJ L 141/19.
4 B. Hess, P. Oberhammer a nd T. Pfei er, Europea n Insolve ncy Law,  e Heidelberg-Luxembourg-Vienna
Report (C.H. Beck, Har t, Nomos, 2014), tice/civil/ les/evaluation _insolvency_
5 Commission Propo sal for a Regulat ion of the European Pa rliament and of the C ouncil Amendi ng
Council Reg ulation (EC), No. 1346/2 000 on Insolvenc y Proceedin gs, COM(2012) 744  nal. From
the abundant l iterature regard ing the EIR I, refer to C .G. Paulus, Europäische Insolvenzverordnung.
Kommentar (4th edit ion, Verlag Recht und Wir tsha , 2013); and B. Wessels, Intern ational Insolvency
Law (3rd edition, Kluwer, 2012), Chapter IV.
6 Commission Sta Working Document Impact Assessment Accompanying the document Revision of
Regulation (E C) No 1346/2000 on insolvenc y proceedings, SW D(2012) 416  nal.

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