A new EU regulation has been introduced with the stated objectives of improving the efficiency and effectiveness of insolvency proceedings with a cross-border element and avoiding the incentive for parties to transfer assets or proceedings within the EU in an attempt to forum-shop. The new regulation, Council Regulation (EC) No 1346/2000 on Insolvency Proceedings Within the EU (except Denmark), came into force on May 31 2002.
August 31 2002