Harmonization of Laws
- Elgar European Law series
Chapter 19: Insolvency
19. Insolvency INTRODUCTION On 29th May 2000 the EC Council adopted Regulation 1346/2000 on Insolvency Proceedings.1 The Regulation entered into force for the fourteen pre-2004 Member States other than Denmark on 31st May 2002,2 and for the ten additional Member States on 1st May 2004.3 The exclusion of insolvency proceedings from the scope of the Brussels I Regulation by Article 1(2)(b) reflects the perception that, in view of their specific nature, such proceedings require special rules differing from those appropriate for ‘ordinary’ civil or commercial disputes. Accordingly negotiations under Article 293 (ex Article 220) of the EC Treaty, aiming to establish an EC convention on insolvency, commenced in 1963. A Draft Convention on Bankruptcy, Winding-up, Arrangements, Compositions and Similar Proceedings, together with a Report thereon, emerged from a working group in 1980,4 but in 1985 work thereon was suspended by the EC Council. Thereafter negotiations within the Council of Europe led to the opening for signature at Istanbul on 5th June 1990 of a Convention on Certain International Aspects of Bankruptcy,5 but this Convention has not been ratified by any of the EC Member States. Eventually negotiations at Community level were re-opened in May 1991, and these led to the opening for signature on 23rd November 1995 of a Hereafter ‘the Insolvency Regulation’. For its text, see  OJ L160/1. See Recitals 32–33 and Article 47. The Regulation extends to Gibraltar, as a European territory for whose external relations the United Kingdom is responsible;...
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