30.6.2000 EN L 160/1Official Journal of the European Communities
I
(Acts whose publication is obligatory)
COUNCIL REGULATION (EC) No 1346/2000
of 29 May 2000
on insolvency proceedings
THE COUNCIL OF THE EUROPEAN UNION, (4) It is necessary for the proper functioning of the internal
market to avoid incentives for the parties to transfer
assets or judicial proceedings from one Member State to
Having regard to the Treaty establishing the European Com- another, seeking to obtain a more favourable legal
munity, and in particular Articles 61(c) and 67(1) thereof, position (forum shopping).
Having regard to the initiative of the Federal Republic of (5) These objectives cannot be achieved to a sufficient degree
Germany and the Republic of Finland, at national level and action at Community level is
therefore justified.
Having regard to the opinion of the European Parliament(1),
(6) In accordance with the principle of proportionality this
Regulation should be confined to provisions governingHaving regard to the opinion of the Economic and Social
jurisdiction for opening insolvency proceedings andCommittee(2),
judgments which are delivered directly on the basis of the
insolvency proceedings and are closely connected with
Whereas: such proceedings. In addition, this Regulation should
contain provisions regarding the recognition of those
judgments and the applicable law which also satisfy that
principle.(1) The European Union has set out the aim of establishing
an area of freedom, security and justice.
(7) Insolvency proceedings relating to the winding-up of
insolvent companies or other legal persons, judicial(2) The proper functioning of the internal market requires
arrangements, compositions and analogous proceedingsthat cross-border insolvency proceedings should operate
are excluded from the scope of the 1968 Brusselsefficiently and effectively and this Regulation needs to be
Convention on Jurisdiction and the Enforcement ofadopted in order to achieve this objective which comes
Judgments in Civil and Commercial Matters(3), aswithin the scope of judicial cooperation in civil matters
amended by the Conventions on Accession to thiswithin the meaning of Article 65 of the Treaty.
Convention(4).
(3) The activities of undertakings have more and more
(8) In order to achieve the aim of improving the efficiency
cross-border effects and are therefore increasingly being
and effectiveness of insolvency proceedings having cross-regulated by Community law. While the insolvency of
border effects, it is necessary, and appropriate, that thesuch undertakings also affects the proper functioning of
provisions on jurisdiction, recognition and applicable law
the internal market, there is a need for a Community act
in this area should be contained in a Community lawrequiring coordination of the measures to be taken
measure which is binding and directly applicable inregarding an insolvent debtor's assets.
Member States.
(1) Opinion delivered on 2 March 2000 (not yet published in the (3) OJ L 299, 31.12.1972, p. 32.
(4) OJ L 204, 2.8.1975, p. 28; OJ L 304, 30.10.1978, p. 1; OJ L 388,Official Journal).
(2) Opinion delivered on 26 January 2000 (not yet published in the 31.12.1982, p. 1; OJ L 285, 3.10.1989, p. 1; OJ C 15, 15.1.1997,
p. 1.Official Journal).
L 160/2 EN 30.6.2000Official Journal of the European Communities
(9) This Regulation should apply to insolvency proceedings, debtor has an establishment. The effects of secondary
proceedings are limited to the assets located in thatwhether the debtor is a natural person or a legal person,
a trader or an individual. The insolvency proceedings to State. Mandatory rules of coordination with the main
proceedings satisfy the need for unity in the Community.which this Regulation applies are listed in the Annexes.
Insolvency proceedings concerning insurance undertakings,
credit institutions, investment undertakings holding
funds or securities for third parties and collective investment
undertakings should be excluded from the scope of (13) The `centre of main interests' should correspond to the
this Regulation. Such undertakings should not be covered place where the debtor conducts the administration of
by this Regulation since they are subject to special his interests on a regular basis and is therefore ascertainarrangements
and, to some extent, the national supervis- able by third parties.
ory authorities have extremely wide-ranging powers of
intervention.
(14) This Regulation applies only to proceedings where the
centre of the debtor's main interests is located in the
Community.(10) Insolvency proceedings do not necessarily involve the
intervention of a judicial authority; the expression `courť
in this Regulation should be given a broad meaning and
include a person or body empowered by national law to
open insolvency proceedings. In order for this Regulation (15) The rules of jurisdiction set out in this Regulation
to apply, proceedings (comprising acts and formalities set establish only international jurisdiction, that is to say,
down in law) should not only have to comply with the they designate the Member State the courts of which
provisions of this Regulation, but they should also be may open insolvency proceedings. Territorial jurisdiction
officially recognised and legally effective in the Member within that Member State must be established by the
State in which the insolvency proceedings are opened national law of the Member State concerned.
and should be collective insolvency proceedings which
entail the partial or total divestment of the debtor and the
appointment of a liquidator.
(16) The court having jurisdiction to open the main insolvency
proceedings should be enabled to order provisional and
protective measures from the time of the request to open
proceedings. Preservation measures both prior to and
(11) This Regulation acknowledges the fact that as a result of
after the commencement of the insolvency proceedings
widely differing substantive laws it is not practical to
are very important to guarantee the effectiveness ofintroduce insolvency proceedings with universal scope in
the insolvency proceedings. In that connection this
the entire Community. The application without exception
Regulation should afford different possibilities. On the
of the law of the State of opening of proceedings would,
one hand, the court competent for the main insolvencyagainst this background, frequently lead to difficulties.
proceedings should be able also to order provisional
This applies, for example, to the widely differing laws
protective measures covering assets situated in the terrion
security interests to be found in the Community.
tory of other Member States. On the other hand, aFurthermore, the preferential rights enjoyed by some
liquidator temporarily appointed prior to the opening of
creditors in the insolvency proceedings are, in some cases,
the main insolvency proceedings should be able, in the
completely different. This Regulation should take account
Member States in which an establishment belonging toof this in two different ways. On the one hand, provision
the debtor is to be found, to apply for the preservation
should be made for special rules on applicable law in the
measures which are possible under the law of those
case of particularly significant rights and legal relationStates.ships
(e.g. rights in rem and contracts of employment).
On the other hand, national proceedings covering only
assets situated in the State of opening should also be
allowed alongside main insolvency proceedings with
(17) Prior to the opening of the main insolvency proceedings,universal scope.
the right to request the opening of insolvency proceedings
in the Member State where the debtor has an establishment
should be limited to local creditors and creditors of
the local establishment or to cases where main proceedings
cannot be opened under the law of the Member State(12) This Regulation enables the main insolvency proceedings
to be opened in the Member State where the debtor has where the debtor has the centre of his main interest. The
reason for this restriction is that cases where territorialthe centre of his main interests. These proceedings have
universal scope and aim at encompassing all the debtor's insolvency proceedings are requested before the main
insolvency proceedings are intended to be limited toassets. To protect the diversity of interests, this Regulation
permits secondary proceedings to be opened to run in what is absolutely necessary. If the main insolvency
proceedings are opened, the territorial proceedingsparallel with the main proceedings. Secondary proceedings
may be opened in the Member State where the become secondary.
30.6.2000 EN L 160/3Official Journal of the European Communities
(18) Following the opening of the main insolvency proceed- of the Member States should be based on the principle of
mutual trust. To that end, grounds for non-recognitionings, the right to request the opening of insolvency
proceedings in a Member State where the debtor has an should be reduced to the minimum necessary. This is also
the basis on which any dispute should be resolved whereestablishment is not restricted by this Regulation. The
liquidator in the main proceedings or any other person the courts of two Member States both claim competence
to open the main insolvency proceedings. The decisionempowered under the national law of that Member
State may request the opening of secondary insolvency of the first court to open proceedings should be recognised
in the other Member States without those Memberproceedings.
States having the power to scrutinise the courťs decision.
(19) Secondary insolvency proceedings may serve different
purposes, besides the protection of local interests. Cases
may arise where the estate of the debtor is too complex
to administer as a unit or where differences in the legal
systems concerned are so great that difficulties may arise (23) This Regulation should set out, for the matters covered
from the extension of effects deriving from the law of the by it, uniform rules on conflict of laws which replace,
State of the opening to the other States where the assets within their scope of application, national rules of private
are located. For this reason the liquidator in the main international law. Unless otherwise stated, the law of the
proceedings may request the opening of secondary Member State of the opening of the proceedings should
proceedings when the efficient administration of the be applicable (lex concursus). This rule on conflict of laws
estate so requires. should be valid both for the main proceedings and for
local proceedings; the lex concursus determines all the
effects of the insolvency proceedings, both procedural
and substantive, on the persons and legal relations(20) Main insolvency proceedings and secondary proceedings
concerned. It governs all the conditions for the opening,can, however, contribute to the effective realisation of the
conduct and closure of the insolvency proceedings.total assets only if all the concurrent proceedings pending
are coordinated. The main condition here is that the
various liquidators must cooperate closely, in particular
by exchanging a sufficient amount of information. In
order to ensure the dominant role of the main insolvency
proceedings, the liquidator in such proceedings should be
given several possibilities for intervening in secondary (24) Automatic recognition of insolvency proceedings to
insolvency proceedings which are pending at the same which the law of the opening State normally applies may
time. For example, he should be able to propose a interfere with the rules under which transactions are
restructuring plan or composition or apply for realisation carried out in other Member States. To protect legitimate
of the assets in the secondary insolvency proceedings to expectations and the certainty of transactions in Member
be suspended. States other than that in which proceedings are opened,
provisions should be made for a number of exceptions to
the general rule.
(21) Every creditor, who has his habitual residence, domicile
or registered office in the Community, should have the
right to lodge his claims in each of the insolvency
proceedings pending in the Community relating to the
debtor's assets. This should also apply to tax authorities
and social insurance institutions. However, in order to (25) There is a particular need for a special reference diverging
ensure equal treatment of creditors, the distribution of from the law of the opening State in the case of rights in
proceeds must be coordinated. Every creditor should be rem, since these are of considerable importance for the
able to keep what he has received in the course of granting of credit. The basis, validity and extent of such a
insolvency proceedings but should be entitled only to right in rem should therefore normally be determined
participate in the distribution of total assets in other according to the lex situs and not be affected by the
proceedings if creditors with the same standing have opening of insolvency proceedings. The proprietor of the
obtained the same proportion of their claims. right in rem should therefore be able to continue to assert
his right to segregation or separate settlement of the
collateral security. Where assets are subject to rights in
rem under the lex situs in one Member State but the main(22) This Regulation should provide for immediate recognition
of judgments concerning the opening, conduct proceedings are being carried out in another Member
State, the liquidator in the main proceedings should beand closure of insolvency proceedings which come within
its scope and of judgments handed down in direct able to request the opening of secondary proceedings in
the jurisdiction where the rights in rem arise if the debtorconnection with such insolvency proceedings. Automatic
recognition should therefore mean that the effects attrib- has an establishment there. If a secondary proceeding is
not opened, the surplus on sale of the asset covered byuted to the proceedings by the law of the State in which
the proceedings were opened extend to all other Member rights in rem must be paid to the liquidator in the main
proceedings.States. Recognition of judgments delivered by the courts
L 160/4 EN 30.6.2000Official Journal of the European Communities
(26) If a set-off is not permitted under the law of the opening and act in good faith in a way that conflicts with the new
situation. In order to protect such persons who make aState, a creditor should nevertheless be entitled to the setoff
if it is possible under the law applicable to the claim payment to the debtor because they are unaware that
foreign proceedings have been opened when they shouldof the insolvent debtor. In this way, set-off will acquire a
kind of guarantee function based on legal provisions on in fact have made the payment to the foreign liquidator,
it should be provided that such a payment is to have awhich the creditor concerned can rely at the time when
the claim arises. debt-discharging effect.
(31) This Regulation should include Annexes relating to the
(27) There is also a need for special protection in the case of organisation of insolvency proceedings. As these Annexes
payment systems and financial markets. This applies for relate exclusively to the legislation of Member States,
example to the position-closing agreements and netting there are specific and substantiated reasons for the
agreements to be found in such systems as well as to the Council to reserve the right to amend these Annexes in
sale of securities and to the guarantees provided for order to take account of any amendments to the domestic
such transactions as governed in particular by Directive law of the Member States.
98/26/EC of the European Parliament and of the Council
of 19 May 1998 on settlement finality in payment and
securities settlement systems(1). For such transactions,
(32) The United Kingdom and Ireland, in accordance withthe only law which is material should thus be that
Article 3 of the Protocol on the position of the Unitedapplicable to the system or market concerned. This
Kingdom and Ireland annexed to the Treaty on Europeanprovision is intended to prevent the possibility of mechUnion
and the Treaty establishing the European Com-anisms for the payment and settlement of transactions
munity, have given notice of their wish to take part in theprovided for in the payment and set-off systems or on
adoption and application of this Regulation.the regulated financial markets of the Member States
being altered in the case of insolvency of a business
partner. Directive 98/26/EC contains special provisions
which should take precedence over the general rules in (33) Denmark, in accordance with Articles 1 and 2 of the
this Regulation. Protocol on the position of Denmark annexed to the
Treaty on European Union and the Treaty establishing
the European Community, is not participating in the
adoption of this Regulation, and is therefore not bound
by it nor subject to its application,(28) In order to protect employees and jobs, the effects of
insolvency proceedings on the continuation or termination
of employment and on the rights and obligations
of all parties to such employment must be determined by HAS ADOPTED THIS REGULATION:
the law applicable to the agreement in accordance with
the general rules on conflict of law. Any other insolvencylaw
questions, such as whether the employees' claims are
protected by preferential rights and what status such
CHAPTER Ipreferential rights may have, should be determined by the
law of the opening State.
GENERAL PROVISIONS
(29) For business considerations, the main content of the
decision opening the proceedings should be published in Article 1
the other Member States at the request of the liquidator.
If there is an establishment in the Member State concerned,
there may be a requirement that publication is
Scopecompulsory. In neither case, however, should publication
be a prior condition for recognition of the foreign
proceedings.
1. This Regulation shall apply to collective insolvency
proceedings which entail the partial or total divestment of a
debtor and the appointment of a liquidator.
(30) It may be the case that some of the persons concerned
are not in fact aware that proceedings have been opened
2. This Regulation shall not apply to insolvency proceedings
concerning insurance undertakings, credit institutions,
investment undertakings which provide services involving the
holding of funds or securities for third parties, or to collective
investment undertakings.(1) OJ L 166, 11.6.1998, p. 45.
30.6.2000 EN L 160/5Official Journal of the European Communities
Article 2 Article 3
International jurisdictionDefinitions
For the purposes of this Regulation:
1. The courts of the Member State within the territory of
which the centre of a debtor's main interests is situated shall
have jurisdiction to open insolvency proceedings. In the case(a) `insolvency proceedings' shall mean the collective proceedof
a company or legal person, the place of the registered officeings referred to in Article 1(1). These proceedings are listed
shall be presumed to be the centre of its main interests in thein Annex A;
absence of proof to the contrary.
(b) `liquidator' shall mean any person or body whose function
is to administer or liquidate assets of which the debtor has
2. Where the centre of a debtor's main interests is situated
been divested or to supervise the administration of his
within the territory of a Member State, the courts of another
affairs. Those persons and bodies are listed in Annex C;
Member State shall have jurisdiction to open insolvency
proceedings against that debtor only if he possesses an
establishment within the territory of that other Member State.(c) `winding-up proceedings' shall mean insolvency proceedThe
effects of those proceedings shall be restricted to the assetsings within the meaning of point (a) involving realising the
of the debtor situated in the territory of the latter Memberassets of the debtor, including where the proceedings have
State.been closed by a composition or other measure terminating
the insolvency, or closed by reason of the insufficiency of
the assets. Those proceedings are listed in Annex B;
3. Where insolvency proceedings have been opened under
paragraph 1, any proceedings opened subsequently under(d) `courť shall mean the judicial body or any other competent
paragraph 2 shall be secondary proceedings. These latterbody of a Member State empowered to open insolvency
proceedings must be winding-up proceedings.proceedings or to take decisions in the course of such
proceedings;
4. Territorial insolvency proceedings referred to in para(e)
`judgmenť in relation to the opening of insolvency prograph
2 may be opened prior to the opening of main
ceedings or the appointment of a liquidator shall include
insolvency proceedings in accordance with paragraph 1 only:
the decision of any court empowered to open such
proceedings or to appoint a liquidator;
(a) where insolvency proceedings under paragraph 1 cannot
be opened because of the conditions laid down by the law
(f) `the time of the opening of proceedings' shall mean the
of the Member State within the territory of which the
time at which the judgment opening proceedings becomes centre of the debtor's main interests is situated; or
effective, whether it is a final judgment or not;
(b) where the opening of territorial insolvency proceedings is
(g) `the Member State in which assets are situateď shall mean, requested by a creditor who has his domicile, habitual
in the case of: residence or registered office in the Member State within
the territory of which the establishment is situated, or
whose claim arises from the operation of that establish--
tangible property, the Member State within the terri-
ment.
tory of which the property is situated,
-- property and rights ownership of or entitlement to
Article 4which must be entered in a public register, the Member
State under the authority of which the register is kept,
Law applicable
-- claims, the Member State within the territory of which
the third party required to meet them has the centre of
his main interests, as determined in Article 3(1);
1. Save as otherwise provided in this Regulation, the law
applicable to insolvency proceedings and their effects shall be
that of the Member State within the territory of which such(h) `establishmenť shall mean any place of operations where
the debtor carries out a non-transitory economic activity proceedings are opened, hereafter referred to as the `State of
the opening of proceedings'.with human means and goods.
L 160/6 EN 30.6.2000Official Journal of the European Communities
2. The law of the State of the opening of proceedings shall 2. The rights referred to in paragraph 1 shall in particular
mean:determine the conditions for the opening of those proceedings,
their conduct and their closure. It shall determine in particular:
(a) the right to dispose of assets or have them disposed of and
to obtain satisfaction from the proceeds of or income from(a) against which debtors insolvency proceedings may be
those assets, in particular by virtue of a lien or a mortgage;brought on account of their capacity;
(b) the exclusive right to have a claim met, in particular a right(b) the assets which form part of the estate and the treatment
guaranteed by a lien in respect of the claim or byof assets acquired by or devolving on the debtor after the
assignment of the claim by way of a guarantee;opening of the insolvency proceedings;
(c) the right to demand the assets from, and/or to require
(c) the respective powers of the debtor and the liquidator;
restitution by, anyone having possession or use of them
contrary to the wishes of the party so entitled;
(d) the conditions under which set-offs may be invoked;
(d) a right in rem to the beneficial use of assets.
(e) the effects of insolvency proceedings on current contracts
to which the debtor is party;
3. The right, recorded in a public register and enforceable
against third parties, under which a right in rem within the(f) the effects of the insolvency proceedings on proceedings
meaning of paragraph 1 may be obtained, shall be consideredbrought by individual creditors, with the exception of
a right in rem.lawsuits pending;
(g) the claims which are to be lodged against the debtor's 4. Paragraph 1 shall not preclude actions for voidness,
estate and the treatment of claims arising after the opening voidability or unenforceability as referred to in Article 4(2)(m).
of insolvency proceedings;
(h) the rules governing the lodging, verification and admission Article 6
of claims;
Set-off(i) the rules governing the distribution of proceeds from the
realisation of assets, the ranking of claims and the rights of
creditors who have obtained partial satisfaction after the
1. The opening of insolvency proceedings shall not affectopening of insolvency proceedings by virtue of a right in
the right of creditors to demand the set-off of their claimsrem or through a set-off;
against the claims of the debtor, where such a set-off is
permitted by the law applicable to the insolvent debtor's claim.
(j) the conditions for and the effects of closure of insolvency
proceedings, in particular by composition;
2. Paragraph 1 shall not preclude actions for voidness,
(k) creditors' rights after the closure of insolvency proceedings; voidability or unenforceability as referred to in Article 4(2)(m).
(l) who is to bear the costs and expenses incurred in the
insolvency proceedings; Article 7
(m) the rules relating to the voidness, voidability or unenforceReservation
of titleability of legal acts detrimental to all the creditors.
1. The opening of insolvency proceedings against the
Article 5 purchaser of an asset shall not affect the seller's rights based
on a reservation of title where at the time of the opening of
proceedings the asset is situated within the territory of a
Third parties' rights in rem Member State other than the State of opening of proceedings.
2. The opening of insolvency proceedings against the seller1. The opening of insolvency proceedings shall not affect
the rights in rem of creditors or third parties in respect of of an asset, after delivery of the asset, shall not constitute
grounds for rescinding or terminating the sale and shall nottangible or intangible, moveable or immoveable assets -- both
specific assets and collections of indefinite assets as a whole prevent the purchaser from acquiring title where at the time of
the opening of proceedings the asset sold is situated within thewhich change from time to time -- belonging to the debtor
which are situated within the territory of another Member territory of a Member State other than the State of the opening
of proceedings.State at the time of the opening of proceedings.
30.6.2000 EN L 160/7Official Journal of the European Communities
3. Paragraphs 1 and 2 shall not preclude actions for Article 13
voidness, voidability or unenforceability as referred to in
Article 4(2)(m).
Detrimental acts
Article 8 Article 4(2)(m) shall not apply where the person who benefited
from an act detrimental to all the creditors provides proof that:
Contracts relating to immoveable property
-- the said act is subject to the law of a Member State other
than that of the State of the opening of proceedings, and
The effects of insolvency proceedings on a contract conferring
the right to acquire or make use of immoveable property shall -- that law does not allow any means of challenging that act
be governed solely by the law of the Member State within the in the relevant case.
territory of which the immoveable property is situated.
Article 14
Article 9
Protection of third-party purchasers
Payment systems and financial markets
Where, by an act concluded after the opening of insolvency
1. Without prejudice to Article 5, the effects of insolvency proceedings, the debtor disposes, for consideration, of:
proceedings on the rights and obligations of the parties to a
payment or settlement system or to a financial market shall be -- an immoveable asset, or
governed solely by the law of the Member State applicable to
that system or market. -- a ship or an aircraft subject to registration in a public
register, or
2. Paragraph 1 shall not preclude any action for voidness,
-- securities whose existence presupposes registration in avoidability or unenforceability which may be taken to set aside
register laid down by law,payments or transactions under the law applicable to the
relevant payment system or financial market.
the validity of that act shall be governed by the law of the State
within the territory of which the immoveable asset is situated
or under the authority of which the register is kept.Article 10
Contracts of employment Article 15
The effects of insolvency proceedings on employment conEffects
of insolvency proceedings on lawsuits pendingtracts and relationships shall be governed solely by the law of
the Member State applicable to the contract of employment.
The effects of insolvency proceedings on a lawsuit pending
concerning an asset or a right of which the debtor has been
Article 11 divested shall be governed solely by the law of the Member
State in which that lawsuit is pending.
Effects on rights subject to registration
CHAPTER IIThe effects of insolvency proceedings on the rights of the
debtor in immoveable property, a ship or an aircraft subject to
registration in a public register shall be determined by the law RECOGNITION OF INSOLVENCY PROCEEDINGS
of the Member State under the authority of which the register
is kept.
Article 16
Article 12
Principle
Community patents and trade marks
1. Any judgment opening insolvency proceedings handed
down by a court of a Member State which has jurisdictionFor the purposes of this Regulation, a Community patent, a
Community trade mark or any other similar right established pursuant to Article 3 shall be recognised in all the other
Member States from the time that it becomes effective in theby Community law may be included only in the proceedings
referred to in Article 3(1). State of the opening of proceedings.
L 160/8 EN 30.6.2000Official Journal of the European Communities
This rule shall also apply where, on account of his capacity, 3. In exercising his powers, the liquidator shall comply with
the law of the Member State within the territory of which heinsolvency proceedings cannot be brought against the debtor
in other Member States. intends to take action, in particular with regard to procedures
for the realisation of assets. Those powers may not include
coercive measures or the right to rule on legal proceedings or
disputes.2. Recognition of the proceedings referred to in Article 3(1)
shall not preclude the opening of the proceedings referred to
in Article 3(2) by a court in another Member State. The latter
proceedings shall be secondary insolvency proceedings within Article 19
the meaning of Chapter III.
Proof of the liquidator's appointment
Article 17
The liquidator's appointment shall be evidenced by a certified
copy of the original decision appointing him or by any other
Effects of recognition certificate issued by the court which has jurisdiction.
A translation into the official language or one of the official1. The judgment opening the proceedings referred to in
languages of the Member State within the territory of whichArticle 3(1) shall, with no further formalities, produce the
he intends to act may be required. No legalisation or othersame effects in any other Member State as under this law of
similar formality shall be required.the State of the opening of proceedings, unless this Regulation
provides otherwise and as long as no proceedings referred to
in Article 3(2) are opened in that other Member State.
Article 20
2. The effects of the proceedings referred to in Article 3(2)
may not be challenged in other Member States. Any restriction
Return and imputationof the creditors' rights, in particular a stay or discharge, shall
produce effects vis--vis assets situated within the territory of
another Member State only in the case of those creditors who
have given their consent. 1. A creditor who, after the opening of the proceedings
referred to in Article 3(1) obtains by any means, in particular
through enforcement, total or partial satisfaction of his claim
on the assets belonging to the debtor situated within the
Article 18 territory of another Member State, shall return what he has
obtained to the liquidator, subject to Articles 5 and 7.
Powers of the liquidator
2. In order to ensure equal treatment of creditors a creditor
who has, in the course of insolvency proceedings, obtained a
dividend on his claim shall share in distributions made in other1. The liquidator appointed by a court which has jurisdicproceedings
only where creditors of the same ranking ortion pursuant to Article 3(1) may exercise all the powers
category have, in those other proceedings, obtained an equiva-conferred on him by the law of the State of the opening of
lent dividend.proceedings in another Member State, as long as no other
insolvency proceedings have been opened there nor any
preservation measure to the contrary has been taken there
further to a request for the opening of insolvency proceedings
Article 21in that State. He may in particular remove the debtor's assets
from the territory of the Member State in which they are
situated, subject to Articles 5 and 7.
Publication
2. The liquidator appointed by a court which has jurisdiction
pursuant to Article 3(2) may in any other Member State 1. The liquidator may request that notice of the judgment
opening insolvency proceedings and, where appropriate, theclaim through the courts or out of court that moveable
property was removed from the territory of the State of the decision appointing him, be published in any other Member
State in accordance with the publication procedures providedopening of proceedings to the territory of that other Member
State after the opening of the insolvency proceedings. He may for in that State. Such publication shall also specify the
liquidator appointed and whether the jurisdiction rule appliedalso bring any action to set aside which is in the interests of
the creditors. is that pursuant to Article 3(1) or Article 3(2).
30.6.2000 EN L 160/9Official Journal of the European Communities
2. However, any Member State within the territory of which accordance with Article 16 and which concern the course and
closure of insolvency proceedings, and compositions approvedthe debtor has an establishment may require mandatory
publication. In such cases, the liquidator or any authority by that court shall also be recognised with no further
formalities. Such judgments shall be enforced in accordanceempowered to that effect in the Member State where the
proceedings referred to in Article 3(1) are opened shall take all with Articles 31 to 51, with the exception of Article 34(2), of
the Brussels Convention on Jurisdiction and the Enforcementnecessary measures to ensure such publication.
of Judgments in Civil and Commercial Matters, as amended by
the Conventions of Accession to this Convention.
Article 22
The first subparagraph shall also apply to judgments deriving
directly from the insolvency proceedings and which are closelyRegistration in a public register
linked with them, even if they were handed down by another
court.1. The liquidator may request that the judgment opening
the proceedings referred to in Article 3(1) be registered in the
The first subparagraph shall also apply to judgments relatingland register, the trade register and any other public register
to preservation measures taken after the request for thekept in the other Member States.
opening of insolvency proceedings.
2. However, any Member State may require mandatory
2. The recognition and enforcement of judgments otherregistration. In such cases, the liquidator or any authority
than those referred to in paragraph 1 shall be governed by theempowered to that effect in the Member State where the
Convention referred to in paragraph 1, provided that thatproceedings referred to in Article 3(1) have been opened shall
Convention is applicable.take all necessary measures to ensure such registration.
3. The Member States shall not be obliged to recognise or
Article 23 enforce a judgment referred to in paragraph 1 which might
result in a limitation of personal freedom or postal secrecy.
Costs
Article 26(1)
The costs of the publication and registration provided for in
Articles 21 and 22 shall be regarded as costs and expenses
Public policyincurred in the proceedings.
Any Member State may refuse to recognise insolvency proceedArticle
24 ings opened in another Member State or to enforce a judgment
handed down in the context of such proceedings where the
effects of such recognition or enforcement would be manifestlyHonouring of an obligation to a debtor
contrary to that State's public policy, in particular its fundamental
principles or the constitutional rights and liberties of
1. Where an obligation has been honoured in a Member the individual.
State for the benefit of a debtor who is subject to insolvency
proceedings opened in another Member State, when it should
have been honoured for the benefit of the liquidator in those
CHAPTER III
proceedings, the person honouring the obligation shall be
deemed to have discharged it if he was unaware of the opening
SECONDARY INSOLVENCY PROCEEDINGSof proceedings.
Article 272. Where such an obligation is honoured before the
publication provided for in Article 21 has been effected, the
person honouring the obligation shall be presumed, in the Opening of proceedings
absence of proof to the contrary, to have been unaware of the
opening of insolvency proceedings; where the obligation is The opening of the proceedings referred to in Article 3(1) by a
honoured after such publication has been effected, the person court of a Member State and which is recognised in another
honouring the obligation shall be presumed, in the absence of Member State (main proceedings) shall permit the opening in
proof to the contrary, to have been aware of the opening of that other Member State, a court of which has jurisdiction
proceedings. pursuant to Article 3(2), of secondary insolvency proceedings
without the debtor's insolvency being examined in that other
State. These latter proceedings must be among the proceedingsArticle 25
listed in Annex B. Their effects shall be restricted to the assets
of the debtor situated within the territory of that other Member
Recognition and enforceability of other judgments State.
1. Judgments handed down by a court whose judgment (1) Note the Declaration by Portugal concerning the application of
Articles 26 and 37 (OJ C 183, 30.6.2000, p. 1).concerning the opening of proceedings is recognised in
L 160/10 EN 30.6.2000Official Journal of the European Communities
Article 28 Article 32
Applicable law
Exercise of creditors' rights
Save as otherwise provided in this Regulation, the law
applicable to secondary proceedings shall be that of the
Member State within the territory of which the secondary 1. Any creditor may lodge his claim in the main proceedings
proceedings are opened. and in any secondary proceedings.
Article 29
2. The liquidators in the main and any secondary proceedings
shall lodge in other proceedings claims which have alreadyRight to request the opening of proceedings
been lodged in the proceedings for which they were appointed,
provided that the interests of creditors in the latter proceedings
The opening of secondary proceedings may be requested by: are served thereby, subject to the right of creditors to oppose
that or to withdraw the lodgement of their claims where the
(a) the liquidator in the main proceedings; law applicable so provides.
(b) any other person or authority empowered to request the
opening of insolvency proceedings under the law of the
Member State within the territory of which the opening of 3. The liquidator in the main or secondary proceedings
secondary proceedings is requested. shall be empowered to participate in other proceedings on the
same basis as a creditor, in particular by attending creditors'
meetings.
Article 30
Advance payment of costs and expenses
Article 33
Where the law of the Member State in which the opening of
secondary proceedings is requested requires that the debtor's
assets be sufficient to cover in whole or in part the costs and Stay of liquidation
expenses of the proceedings, the court may, when it receives
such a request, require the applicant to make an advance
payment of costs or to provide appropriate security.
1. The court, which opened the secondary proceedings,
shall stay the process of liquidation in whole or in part on
receipt of a request from the liquidator in the main proceed-Article 31
ings, provided that in that event it may require the liquidator
in the main proceedings to take any suitable measure to
Duty to cooperate and communicate information guarantee the interests of the creditors in the secondary
proceedings and of individual classes of creditors. Such a
request from the liquidator may be rejected only if it is
1. Subject to the rules restricting the communication of
manifestly of no interest to the creditors in the main proceedinformation,
the liquidator in the main proceedings and the
ings. Such a stay of the process of liquidation may be ordered
liquidators in the secondary proceedings shall be duty bound
for up to three months. It may be continued or renewed for
to communicate information to each other. They shall immedisimilar
periods.
ately communicate any information which may be relevant to
the other proceedings, in particular the progress made in
lodging and verifying claims and all measures aimed at
terminating the proceedings.
2. The court referred to in paragraph 1 shall terminate the
stay of the process of liquidation:
2. Subject to the rules applicable to each of the proceedings,
the liquidator in the main proceedings and the liquidators in
-- at the request of the liquidator in the main proceedings,the secondary proceedings shall be duty bound to cooperate
with each other.
-- of its own motion, at the request of a creditor or at the
request of the liquidator in the secondary proceedings if3. The liquidator in the secondary proceedings shall give
the liquidator in the main proceedings an early opportunity of that measure no longer appears justified, in particular, by
the interests of creditors in the main proceedings or in thesubmitting proposals on the liquidation or use of the assets in
the secondary proceedings. secondary proceedings.
30.6.2000 EN L 160/11Official Journal of the European Communities
Article 34 Article 37(1)
Conversion of earlier proceedings
Measures ending secondary insolvency proceedings
The liquidator in the main proceedings may request that
proceedings listed in Annex A previously opened in another
1. Where the law applicable to secondary proceedings Member State be converted into winding-up proceedings if
allows for such proceedings to be closed without liquidation this proves to be in the interests of the creditors in the main
by a rescue plan, a composition or a comparable measure, the proceedings.
liquidator in the main proceedings shall be empowered to
propose such a measure himself.
The court with jurisdiction under Article 3(2) shall order
conversion into one of the proceedings listed in Annex B.
Closure of the secondary proceedings by a measure referred to
in the first subparagraph shall not become final without the
Article 38consent of the liquidator in the main proceedings; failing his
agreement, however, it may become final if the financial
interests of the creditors in the main proceedings are not Preservation measures
affected by the measure proposed.
Where the court of a Member State which has jurisdiction
pursuant to Article 3(1) appoints a temporary administrator
2. Any restriction of creditors' rights arising from a measure in order to ensure the preservation of the debtor's assets, that
referred to in paragraph 1 which is proposed in secondary temporary administrator shall be empowered to request any
proceedings, such as a stay of payment or discharge of debt, measures to secure and preserve any of the debtor's assets
may not have effect in respect of the debtor's assets not situated in another Member State, provided for under the law
covered by those proceedings without the consent of all the of that State, for the period between the request for the
creditors having an interest. opening of insolvency proceedings and the judgment opening
the proceedings.
3. During a stay of the process of liquidation ordered
pursuant to Article 33, only the liquidator in the main
CHAPTER IVproceedings or the debtor, with the former's consent, may
propose measures laid down in paragraph 1 of this Article in
PROVISION OF INFORMATION FOR CREDITORS ANDthe secondary proceedings; no other proposal for such a
LODGEMENT OF THEIR CLAIMSmeasure shall be put to the vote or approved.
Article 39
Article 35
Right to lodge claims
Assets remaining in the secondary proceedings
Any creditor who has his habitual residence, domicile or
registered office in a Member State other than the State of the
opening of proceedings, including the tax authorities andIf by the liquidation of assets in the secondary proceedings it
social security authorities of Member States, shall have theis possible to meet all claims allowed under those proceedings,
right to lodge claims in the insolvency proceedings in writing.the liquidator appointed in those proceedings shall immediately
transfer any assets remaining to the liquidator in the
main proceedings.
Article 40
Duty to inform creditorsArticle 36
1. As soon as insolvency proceedings are opened in a
Member State, the court of that State having jurisdiction or theSubsequent opening of the main proceedings
liquidator appointed by it shall immediately inform known
creditors who have their habitual residences, domiciles or
Where the proceedings referred to in Article 3(1) are opened registered offices in the other Member States.
following the opening of the proceedings referred to in
Article 3(2) in another Member State, Articles 31 to 35 shall
apply to those opened first, in so far as the progress of those (1) Note the Declaration by Portugal concerning the application of
Articles 26 and 37 (OJ C 183, 30.6.2000, p. 1).proceedings so permits.
L 160/12 EN 30.6.2000Official Journal of the European Communities
2. That information, provided by an individual notice, shall Article 44
in particular include time limits, the penalties laid down in
regard to those time limits, the body or authority empowered
Relationship to Conventionsto accept the lodgement of claims and the other measures laid
down. Such notice shall also indicate whether creditors whose
claims are preferential or secured in rem need lodge their
1. After its entry into force, this Regulation replaces, inclaims.
respect of the matters referred to therein, in the relations
between Member States, the Conventions concluded between
two or more Member States, in particular:
Article 41
(a) the Convention between Belgium and France on Jurisdiction
and the Validity and Enforcement of Judgments,Content of the lodgement of a claim
Arbitration Awards and Authentic Instruments, signed at
Paris on 8 July 1899;
A creditor shall send copies of supporting documents, if any,
and shall indicate the nature of the claim, the date on which it (b) the Convention between Belgium and Austria on Bankarose
and its amount, as well as whether he alleges preference, ruptcy, Winding-up, Arrangements, Compositions and
security in rem or a reservation of title in respect of the claim Suspension of Payments (with Additional Protocol of
and what assets are covered by the guarantee he is invoking. 13 June 1973), signed at Brussels on 16 July 1969;
(c) the Convention between Belgium and the Netherlands on
Article 42 Territorial Jurisdiction, Bankruptcy and the Validity and
Enforcement of Judgments, Arbitration Awards and Authentic
Instruments, signed at Brussels on 28 March 1925;
Languages
(d) the Treaty between Germany and Austria on Bankruptcy,
Winding-up, Arrangements and Compositions, signed at
1. The information provided for in Article 40 shall be
Vienna on 25 May 1979;
provided in the official language or one of the official languages
of the State of the opening of proceedings. For that purpose a
(e) the Convention between France and Austria on Jurisdic-form shall be used bearing the heading `Invitation to lodge a
tion, Recognition and Enforcement of Judgments onclaim. Time limits to be observeď in all the official languages
Bankruptcy, signed at Vienna on 27 February 1979;of the institutions of the European Union.
(f) the Convention between France and Italy on the Enforcement
of Judgments in Civil and Commercial Matters,2. Any creditor who has his habitual residence, domicile or
signed at Rome on 3 June 1930;registered office in a Member State other than the State of the
opening of proceedings may lodge his claim in the official
(g) the Convention between Italy and Austria on Bankruptcy,language or one of the official languages of that other State. In
Winding-up, Arrangements and Compositions, signed atthat event, however, the lodgement of his claim shall bear the
Rome on 12 July 1977;heading `Lodgement of claim' in the official language or one
of the official languages of the State of the opening of
(h) the Convention between the Kingdom of the Netherlandsproceedings. In addition, he may be required to provide a
and the Federal Republic of Germany on the Mutualtranslation into the official language or one of the official
Recognition and Enforcement of Judgments and otherlanguages of the State of the opening of proceedings.
Enforceable Instruments in Civil and Commercial Matters,
signed at The Hague on 30 August 1962;
CHAPTER V (i) the Convention between the United Kingdom and the
Kingdom of Belgium providing for the Reciprocal Enforcement
of Judgments in Civil and Commercial Matters, withTRANSITIONAL AND FINAL PROVISIONS
Protocol, signed at Brussels on 2 May 1934;
(j) the Convention between Denmark, Finland, Norway,
Article 43 Sweden and Iceland on Bankruptcy, signed at Copenhagen
on 7 November 1933;
Applicability in time
(k) the European Convention on Certain International Aspects
of Bankruptcy, signed at Istanbul on 5 June 1990.
The provisions of this Regulation shall apply only to insolvency
proceedings opened after its entry into force. Acts done by a
debtor before the entry into force of this Regulation shall 2. The Conventions referred to in paragraph 1 shall continue
to have effect with regard to proceedings opened beforecontinue to be governed by the law which was applicable to
them at the time they were done. the entry into force of this Regulation.
30.6.2000 EN L 160/13Official Journal of the European Communities
3. This Regulation shall not apply: Article 45
Amendment of the Annexes
The Council, acting by qualified majority on the initiative of
one of its members or on a proposal from the Commission,
may amend the Annexes.
(a) in any Member State, to the extent that it is irreconcilable
with the obligations arising in relation to bankruptcy from Article 46
a convention concluded by that State with one or more
third countries before the entry into force of this Regu- Reports
lation;
No later than 1 June 2012, and every five years thereafter, the
Commission shall present to the European Parliament, the
Council and the Economic and Social Committee a report
on the application of this Regulation. The report shall be
accompanied if need be by a proposal for adaptation of this
Regulation.
(b) in the United Kingdom of Great Britain and Northern
Ireland, to the extent that is irreconcilable with the Article 47
obligations arising in relation to bankruptcy and the
winding-up of insolvent companies from any arrange- Entry into force
ments with the Commonwealth existing at the time this
Regulation enters into force. This Regulation shall enter into force on 31 May 2002.
This Regulation shall be binding in its entirety and directly applicable in the Member States
in accordance with the Treaty establishing the European Community.
Done at Brussels, 29 May 2000.
For the Council
The President
A. COSTA
L 160/14 EN 30.6.2000Official Journal of the European Communities
ANNEX A
Insolvency proceedings referred to in Article 2(a)
BELGIE¨--BELGIQUE -- Arrangements under the control of the court which involve the
vesting of all or part of the property of the debtor in the Official
Assignee for realisation and distribution-- Het faillissement/La faillite
-- Company examinership-- Het gerechtelijk akkoord/Le concordat judiciaire
-- De collectieve schuldenregeling/Le rglement collectif de dettes
ITALIA
DEUTSCHLAND -- Fallimento
-- Das Konkursverfahren -- Concordato preventivo
-- Das gerichtliche Vergleichsverfahren -- Liquidazione coatta amministrativa
-- Das Gesamtvollstreckungsverfahren -- Amministrazione straordinaria
-- Das Insolvenzverfahren -- Amministrazione controllata
 LUXEMBOURG
--  -- Faillite
--    -- Gestion contrôlée
--    .       -- Concordat préventif de faillite (par abandon ďactif)

-- Régime spécial de liquidation du notariat
--         
   
NEDERLAND
ESPAN~ A
-- Het faillissement
-- Concurso de acreedores
-- De surséance van betaling
-- Quiebra
-- De schuldsaneringsregeling natuurlijke personen
-- Suspensión de pagos
O¨ STERREICH
FRANCE
-- Das Konkursverfahren
-- Liquidation judiciaire
-- Das Ausgleichsverfahren
-- Redressement judiciaire avec nomination ďun administrateur
PORTUGAL
IRELAND
-- O processo de falncia
-- Compulsory winding up by the court
-- Os processos especiais de recuperaça~o de empresa, ou seja:
-- Bankruptcy
-- A concordata
-- The administration in bankruptcy of the estate of persons dying
-- A reconstituiça~o empresarialinsolvent
-- A reestruturaça~o financeira-- Winding-up in bankruptcy of partnerships
-- Creditors' voluntary winding up (with confirmation of a Court) -- A gesta~o controlada
30.6.2000 EN L 160/15Official Journal of the European Communities
SUOMI--FINLAND UNITED KINGDOM
-- Konkurssi/konkurs -- Winding up by or subject to the supervision of the court
-- Yrityssaneeraus/företagssanering -- Creditors' voluntary winding up (with confirmation by the court)
-- AdministrationSVERIGE
-- Voluntary arrangements under insolvency legislation-- Konkurs
-- Företagsrekonstruktion -- Bankruptcy or sequestration
L 160/16 EN 30.6.2000Official Journal of the European Communities
ANNEX B
Winding up proceedings referred to in Article 2(c)
BELGIE¨--BELGIQUE -- Arrangements under the control of the court which involve the
vesting of all or part of the property of the debtor in the Official
Assignee for realisation and distribution-- Het faillissement/La faillite
ITALIADEUTSCHLAND
-- Fallimento
-- Das Konkursverfahren
-- Liquidazione coatta amministrativa
-- Das Gesamtvollstreckungsverfahren
LUXEMBOURG-- Das Insolvenzverfahren
-- Faillite
 -- Régime spécial de liquidation du notariat
-- 
NEDERLAND
--   
-- Het faillissement
-- De schuldsaneringsregeling natuurlijke personen
ESPAN~ A
-- Concurso de acreedores O¨ STERREICH
-- Das Konkursverfahren-- Quiebra
-- Suspensión de pagos basada en la insolvencia definitiva
PORTUGAL
-- O processo de falncia
FRANCE
SUOMI--FINLAND-- Liquidation judiciaire
-- Konkurssi/konkurs
IRELAND
SVERIGE
-- Compulsory winding up
-- Konkurs
-- Bankruptcy
UNITED KINGDOM-- The administration in bankruptcy of the estate of persons dying
insolvent -- Winding up by or subject to the supervision of the court
-- Winding-up in bankruptcy of partnerships -- Creditors' voluntary winding up (with confirmation by the court)
-- Bankruptcy or sequestration-- Creditors' voluntary winding up (with confirmation of a court)
30.6.2000 EN L 160/17Official Journal of the European Communities
ANNEX C
Liquidators referred to in Article 2(b)
BELGIE¨--BELGIQUE IRELAND
-- De curator/Le curateur -- Liquidator
-- De commissaris inzake opschorting/Le commissaire au sursis -- Official Assignee
-- De schuldbemiddelaar/Le médiateur de dettes -- Trustee in bankruptcy
-- Provisional Liquidator
DEUTSCHLAND
-- Examiner
-- Konkursverwalter
-- Vergleichsverwalter
ITALIA
-- Sachwalter (nach der Vergleichsordnung)
-- Curatore
-- Verwalter
-- Commissario
-- Insolvenzverwalter
-- Sachwalter (nach der Insolvenzordnung) LUXEMBOURG
-- Treuhänder -- Le curateur
-- Vorläufiger Insolvenzverwalter
-- Le commissaire
-- Le liquidateur

-- Le conseil de gérance de la section ďassainissement du notariat
--  
--   .     
NEDERLAND
--   
-- De curator in het faillissement
--  
-- De bewindvoerder in de surséance van betaling
ESPAN~ A -- De bewindvoerder in de schuldsaneringsregeling natuurlijke
personen
-- Depositario-administrador
-- Interventor o Interventores O¨ STERREICH
-- Síndicos
-- Masseverwalter
-- Comisario
-- Ausgleichsverwalter
-- Sachwalter
FRANCE
-- Treuhänder-- Représentant des créanciers
-- Besondere Verwalter-- Mandataire liquidateur
-- Vorläufiger Verwalter-- Administrateur judiciaire
-- Commissaire  ĺexécution de plan -- Konkursgericht
L 160/18 EN 30.6.2000Official Journal of the European Communities
PORTUGAL SVERIGE
-- Förvaltare
-- Gestor judicial
-- God man
-- Rekonstruktör-- Liquidatário judicial
UNITED KINGDOM
-- Comissa~o de credores
-- Liquidator
-- Supervisor of a voluntary arrangement
SUOMI--FINLAND -- Administrator
-- Official Receiver
-- Pesänhoitaja/boförvaltare
-- Trustee
-- Judicial factor-- Selvittäjä/utredare