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Cross-border insolvency proceedings – new rules

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Starting 26.06.2017 the new rules facilitating cross-border insolvency proceedings entered into force. These new rules are provided by Regulation (EU) 2015/848 of the European Parliament and of the Council.

The new rules will ensure an effective and efficient cross-border debt recovery. They focus on resolving the conflicts of jurisdiction and laws in cross-border insolvency proceedings so that will make it easier for businesses to get restructured and for creditors to get their money back.

The key features of the new rules regarding the cross-border insolvency

The main issues solved by this Regulation are:

  • group insolvency proceedings;
  • avoidance of the secondary proceedings;
  • avoidance of the bankruptcy tourism;
  • an EU-wide interconnection of electronic national insolvency registers.

This update of the regulation of the cross-border insolvency proceedings was necessary because certain modern and efficient types of national restructuring proceedings were not covered by the old set of rules.

 

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European Commission project: The Once-Only Principle — TOOP

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The European Commission (EC) has launched an 8 million euro project to interconnect the public administrations from 21 EU countries in order for the transmission of information by cross-border companies to be made only once.

The project named “The Once-Only Principle — TOOP” is part of the EU Action Plan for e-Governance 2016-2020 and will contribute to a more efficient digital market. This way the information will be delivered to the public administrations only once, regardless of the origin country of the company, and will be eliminated the unnecessary obstacles for european companies that are forced to repeatedly submit the same data and documents.

The authorities who represent Romania in this project are National Institute of Research and Development in Computer Science (who is the national manager) and National Trade Register Office (partner).