Epeoglou, Maria-Thomais; (2017) The Recast European Insolvency Regulation: A Missed Opportunity for Restructuring Business in Europe. UCL Journal of Law and Jurisprudence , 6 (1) , Article 2. 10.14324/111.2052-1871.078.

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Abstract

The purpose of this article is to critically revisit the European Insolvency Regulation on the occasion of its recasting, in Regulation (EU) 2015/848, which enters into force, for the most part, in June 2017. The article first considers the circumstances underlying the Regulation’s adoption, highlighting the fact that a new approach to business failure has been an indispensable part of the EU’s response to the financial crisis, thus placing business rescue on the agenda. An endeavour to examine provisions purportedly targeted at creating a business rescue-friendly culture follows, including an attempt at an early appraisal of whether this objective will be achieved by these amendments. The Regulation is found to be a praiseworthy effort in upgrading the cross-border insolvency regime given the limited time frame and the fragility of the political status quo. Nonetheless, the Commission missed the opportunity to embark upon the quest of harmonisation to fully establish a rescue culture, despite the prevailing need to do so. For the time being the Regulation, being the culmination of complex review and sensitive compromise, remains a conflict of laws and jurisdiction Regulation.

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