‘To achieve this, the Regulation (Recast Insolvency Regulation) limits the circumstances in which insolvency proceedings can be opened in Member States and supplies rules to regulate the scope and effects of, and interrelationship between, those proceedings that are validly opened under it. The overall idea is to enable the resolution of insolvency in a single set of proceedings, opened in one Member State but effective in other, or at least- in cases where the Regulation permits proceedings to be opened in more than one Member State in relation to the same debtor-through the coordination of such proceedings’.
Commentary on the European Insolvency Regulation, Edited by Reinhard Bork and Kristin Van Zwieten at Page 1
OSCOLA REFERENCE
