Change of the Definition of the COMI-Issue Connected with the Revision of Council Regulation (EC) No 1346/2000
Abstract
The topic of cross-border intra-EU insolvency proceedings has been discussed for many years. Recently, the discussion has become more intensive than ever, in particular due to the revision of Council Regulation (EC) No 1346/2000 on insolvency proceedings, which resulted, on 20 May 2015, in the publication of a new regulation: Regulation (EU) 2015/848 of the European Parliament and of the Council on insolvency proceedings.
The new regulation amends and supplements the legal framework governing the practical application of insolvency law in a number of important respects. One of the fundamental changes brought about by the new regulation concerns the definition of international jurisdiction, consisting chiefly in the amendment of Article 3 and recital 13 of Regulation No 1346/2000.
This change is the subject of the present paper. A definite answer to the question of what court practice will look like following the amendment of the definition of international jurisdiction and whether the change will eventually succeed in removing some of the uncertainties related to the application of the relevant provisions will not be available until at least 2017, when the new regulation becomes fully applicable.