The Parliamentary Under-Secretary of State for Business, Energy and Industrial Strategy (Margot James)
The UK has opted in to the proposal for a regulation of the European Parliament and of the Council updating the lists of insolvency proceedings and insolvency office- holders in annexes A and B to regulation (EU) 2015/848 on insolvency proceedings. The UK had previously opted in to the underlying regulation on insolvency proceedings in 2015. Amendments to the annexes of the regulation trigger a new opt-in decision.
The annexes list the different insolvency procedures and insolvency office-holders in each member state governed by the regulation. Amendments are made from time to time to reflect changes to member states’ domestic insolvency laws. The current proposal relates to new Belgian, Bulgarian, Croatian, Latvian and Portuguese insolvency procedures and the amendments are considered necessary to ensure that the lists of member states’ domestic insolvency laws are kept up to date. My officials have reviewed the new procedures and agree with the European Commission’s assessment that they properly fall within the scope of insolvency proceedings governed by the regulation.
[HCWS315]