News & Press
Revision of the European Insolvency Regulation Proposals by INSOL EUROPE
29 June 2012
Today INSOL Europe has launched its proposal for revision of the European Insolvency Regulation by officially submitting it to the Commission of the European Union in Brussels.
The European Insolvency Regulation provides for the pan-European effect of liquidation and reorganisation proceedings opened in a member state of the European Union. By virtue of this important regulation trustees appointed in a member state can exercise their powers in other member states and judgments relating to insolvency proceedings are given effect to in other member states. The regulation furthermore inter alia contains rules on coordination between multiple proceedings and the law applicable to insolvency issues such as dismissal of employees.