9. PUBLICITY OF INSOLVENCY PROCEEDINGS. INSOLVENCY REGISTERS

DR MAREK PORZYCKI

European Insolvency Regulation

Publicity of insolvency proceedings – current EIR

no EU-wide register for insolvenciesright to request the publication of the notice on

foreign insolvency proceedings and on the appointment of the liquidator according to national publication procedures (Art. 21(1) EIR)

possibility to provide for mandatory publication (Art. 21(2))

right to request & possible mandatory registration in public registers (Art. 22)

Significance: good faith according to provisions on efectiveness of legal acts related to the debtor following the opening of proceedings, e.g. payment of a debt to the debtor instead of the liquidator (see Art. 24), disposal of real estate (see Art. 14)

Interconnection of insolvency registers under the draft recast EIR

minimum requirements for Member States’ insolvency registers (Art. 24 draft recast EIR):

- contents of the mandatory information- exclusion for consumer insolvency

proceedings (Art. 24(4))- minimum technical features to be specified by

the Commission in implementing acts (Art. 25(2) draft recast EIR) so that interconnetion is possible national internet registers should be internet-based and searchable

Interconnection of insolvency registers under the draft recast EIR

a decentralised system of interconnected registers to be established by the Commission, with the European e-Justice Portal as central public access point (Art. 25 draft recast EIR):

- internet access- searchabilityaccess to mandatory information in national

insolvency registers free of charge (Art. 27(1) draft recast EIR)

further limitations possible in case of access to information on consumer insolvency proceedings (Art. 27(3) and (4) draft recast EIR)

Interconnection of registers - timing

a pilot project is already running in a basic version including 6 Member States (DE, AT, CZ, EE, NL, SL): see https://e-justice.europa.eu/content_interconnected_insolvency_registers_search-246-en.do

requirement to establish national insolvency registers – 36 months following entry into force of the draft recast EIR (probably from 2018)(Art. 92 in conjunction with Art. 24(1) draft recast EIR)

detailed implemetation by 48 months following entry into force of the draft recast EIR (probably from 2019)(Art. 25(2) draft recast EIR)

Remaining provisions on publicity in draft recast EIR (as compared to

current EIR)

right to request the publication of the notice on foreign insolvency proceedings and on the appointment of the liquidator according to national publication procedures (Art. 21(1) EIR), possibility to provide for mandatory publication (Art. 21(2) EIR) mandatory publication in Member States where an establishment is located, right to request publication in other Member States (Art. 28 draft recast EIR)

right to request & possible mandatory registration in public registers (Art. 22 EIR) mandatory registration in Member States where an establishment is located, under certain conditions (Art. 29 draft recast EIR)