NEMOKUMO REGLAMENTAS: AR UŽKIRSTAS KELIAS NESĄŽININGAM FIZINIO ASMENS PALANKESNIO TEISINIO REGLAMENTAVIMO IEŠKOJIMUI?
INSOLVENCY REGULATION: HAS THE UNFAIR SEARCH FOR A MORE FAVOURABLE LEGAL REGULATION FOR A NATURAL PERSON BEEN PREVENTED?

Summary/Abstract: As of 26 June 2017, a recast of the Regulation (EU) 2015/848 of the European Parliament and of the Council on insolvency proceedings came into force replacing EU Council regulation (EC) No 1346/2000 on insolvency proceedings. There were made a few major amendments which are sufficient in order to protect the legitimate expectations of creditors. Firstly, the COMI term is explained and appropriate presumptions (rebutted) - legal safeguards are established which are not applied if the COMI is transferred to another Member State within 3 or 6 months prior to the day an application regarding the initiation of insolvency proceedings was submitted. Secondly, specification of the establishment clearly establishes the moment when a natural person must be established in a Member State so that its courts could be recognized as having jurisdiction to initiate secondary insolvency proceedings. Thirdly, a mandatory verification of international jurisdiction is established, as well as the obligation to justify the existence of such jurisdiction, i.e. whether the jurisdiction is based on the COMI criterion (in which case, main insolvency proceedings are initiated) or the establishment definition (in which case, secondary insolvency proceedings are initiated). Fourthly, a possibility was established for the creditors of the debtor to exercise the right to express their opinion on the international jurisdiction of the court of a member state to which the application was submitted.

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