On 26 June 2017, the Recast EU Insolvency Regulation (recast EIR) entered into force, replacing the EU Regulation on Insolvency proceedings (EIR), which had been in place since May 2002.
The new legislation set out new provisions for cross-border insolvencies. It broadened the scope of the original regulation to pre-insolvency proceedings and introduced a significant change in no longer restricting secondary proceedings to terminal procedures.
In addition, the recast EIR amended the definition of centre of main interests, introduced a number of measures to ensure effective administration of insolvency proceedings relating to different compa…
Read the full article at: https://www.accountancyage.com/2018/08/13/impact-brexit-restructuring-insolvency