The European Union (EU) Council Regulation on Insolvency Proceedings came into force in the UK on 31 May, 2002. Its stated objective is to improve the “efficiency and effectiveness of insolvency proceedings” having cross-border effects within the EU.
The regulation applies in all member states, except Denmark. Provisions in member states’ national laws which conflict with the Regulation will be superseded by it. Amendments have also been made to the principal insolvency legislation in the UK by a number of statutory instruments.
