Cross-border insolvencies (Regulation)
The Commission revises the legal framework for cross-border insolvencies. There should (preferably) be integrated insolvency proceedings by applying just one (national) insolvency regime in each case.
Transferring material elements of the ECJ's COMI case law into the text of the Regulation promotes legal certainty. Duties of cooperation and communication between the liquidators and courts may reduce inefficiencies. An EU-wide electronic insolvency register significantly reduces the information costs. Legal clarity could be promoted by formally stipulating the application of the national insolvency rules of the company's registered office. The secondary insolvency proceedings should be abolished.