Chapter 21: Insolvency
In relation to insolvency proceedings, in the EU Member States other than Denmark, jurisdiction, choice of law, and the recognition and enforcement of judgments are governed by EC Regulation 1346/2000 on Insolvency Proceedings, which may conveniently be referred to as the Insolvency Regulation. The Regulation entered into force on 31st May 2002 for the 14 then Member States other than Denmark; on 1st May 2004 for the ten States which joined the European Community on that date; on 1st January 2007 for Bulgaria and Romania; and on 1st July 2013 for Croatia. The Insolvency Regulation accepts the principles of unity and universality by providing for main proceedings which are opened in a single Member State and have effect throughout the European Union. Thus Recital 12 explains that the Regulation enables the main insolvency proceedings to be opened in the Member State where the debtor has the centre of his main interests, and that these proceedings have universal scope and aim at encompassing all the debtor's assets. But the Regulation derogates from these principles by also providing for secondary proceedings, whose effect is limited to the Member State in which they are opened, and which deprive the main proceedings of effect within that State.
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