Examples of Regulation 2015/848 in a sentence
Regulation 2015/848 deals with issues of jurisdiction, applicable law, recognition and enforcement of insolvency decisions, as well as coordination of cross-border insolvency proceedings.
Belgian law complies to a large extent with the standards set in the UNCITRAL Model Law on Enterprise Group Insolvency, given the direct applicability of the EU Insolvency Regulation 2015/848 (containing rules regarding insolvency proceedings of members of a group of companies) and several new concepts introduced in our national insolvency code in 2017.
However, Regulation 2015/848 does not oblige Member States to introduce specific types of procedures or to ensure that their procedures are effective in promoting preventive restructurings and second chance.
In the case of a company or legal person, Regulation 2015/848 presumes, in the absence of proof to the contrary, that the place of its registered office is the centre of main interests.
Report of 2012 at 10, Section 3.2: The Commission obviously feels a procedural inquiry into jurisdiction at the outset would lend certainty and finality for parties once litigation has commenced.B. Provisions of the New Regulation—Regulation 2015/848 and Jurisdiction The new insolvency regulation was passed on May 20, 2015.89 Parliament and Council Regulation 2015/848 is a longer and more comprehensive regulation than Regulation 1346/2000—it has 89 recitals and 92 articles.
The EU Regulation 2015/848 on insolvency proceed- ings provides the main rules determining the jurisdiction and the governing law in cross-border cases within the EU.
Pursuant to article 7 of Regulation 2015/848, the effects of insolvency proceedings opened in a Member State are in principle governed by the law of that Member State (i.e. the lex concursus).
The more convergence there is across Member States, this will mean that the operation of cross-border frameworks, such as the Recast Regulation on Insolvency Proceedings (Regulation 2015/848) will operate more efficiently in cross-border cases.
Pursuant to article 3(1) of Regulation 2015/848, the COMI is presumed to be located, in the absence of proof to the contrary:• for a company or a legal person, at the place of its registered office;• for an individual exercising an independent business or professional activity, at the principal place of business of this individual; and• for any other individual not included in the preceding indent (e.g., consumers), at the place of their habitual residence.
PCSO Hadfield-Jones advised that there was no criteria to ringing an informant back.