The European Commission (EC) Regulation on Insolvency Proceedings adopted on 31 May, 2000 reflects the drive to regulate the conduct of insolvency proceedings as between member states and the European Community. It has had direct effect in the UK since 31 May, 2002.
The regulation applies to all so-called collective insolvency proceedings which, in the case of the UK, means principally winding up by or subject to the supervision of the court, creditors’ voluntary winding up, administration, voluntary arrangements and bankruptcy.
