The new regulation (EU) 2015/848 applies to the insolvency proceedings opened from June 26, 2017. As a legal act of the European Union, it applies directly in the respective member states, so that further implementing acts are not necessary. However, previous regulations have shown in practice that the requirements of the EuInsVO can always be applied in a particularly conflict-free and practical manner if they are interlinked with the national procedural law, the Insolvency Code (InsO).
“Overall, we rate the draft law as very successful,” says lawyer Dr. Martin Prager, Chairman of the Working Group. Attorney-at-law Daniel F. Fritz, spokesperson for the Europe Group and, as a private expert of the European Commission, significantly involved in the formulation of the new EuInsVO, adds: “The new EuInsVO takes on a pioneering role. It is introducing group insolvency law through numerous new instruments such as virtual secondary proceedings.” Above all, this makes procedural regulations necessary. The fact that clear and largely effective regulations are provided here is also to be welcomed in view of the discussion about Germany's insolvency location.
In addition, the Federal Ministry of Justice has used this adjustment to European law requirements to solve an urgent problem in practice and to contain excessive law enforcement. In the past, a number of managing directors were prosecuted who had filed for insolvency in good time, but whose application did not meet all the formal requirements. These requests were initially not considered admissible. If an applicant has not completed all the formalities, it should be possible in the future to be able to submit the missing items within three weeks of the court request. Then he cannot be prosecuted. “Since the insolvency courts across the country have different formal requirements for an application, this new version accommodates reality and frees otherwise law-abiding actors from criminal law risks,” explains Prager.