In a William Fry article published earlier this year, we discussed the Irish government's approval to opt-in to a regulation amending Annexes A and B to the European Insolvency Regulation 2015/848 (EIR Recast) regarding the recognition of insolvency processes recently introduced in other EU Member States.
Regulation (EU) 2021/2260 (Amending Regulation) was introduced to expand the scope of the application of EIR Recast, replacing its Annexes A and B. The Annexes list the national insolvency proceedings and national insolvency practitioners to which EIR Recast applies. The inclusion in Annex A and B mean that the proceedings have EU-wide recognition under EIR Recast.
The updated Annexes introduced under the Amending Regulation now include the Netherlands public WHOA schemes, a preventive insolvency scheme. It also includes Germany's public StaRUG schemes and new types of insolvency schemes or insolvency practitioners in Italy, Lithuania, Cyprus and Poland.
On 31 August 2022, Commission Decision (EU) 2022/1437 (Decision) was published in the Official Journal of the European Union. The Decision confirms the participation of Ireland in the Amending Regulation. The Decision came into force on 1 September 2022, allowing Ireland to apply the Amending Regulation. Unlike many other EU Member States Ireland must formally opt-in to changes to the insolvency proceedings and insolvency practitioners to which EIR Recast applies.
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