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13 ECFR 1 (2016)

handle is hein.journals/ecomflr13 and id is 1 raw text is: Private International Law Rules in the Insolvency Regulation Recast: A Reform or a Restatement of the Status Quo? by FEDERICO M. MUCCIARELLI- The European Parliament, after a lengthy debate, has eventually approved a reform of Regulation 1346/2000 on cross-border insolvency proceedings (hereinafter, the 'Insolvency Regulation Recast'), which provides for significant innovations of the original Regulation, such as a E U-wide register of insolvencies and a new proceeding for insolvencies of corporate groups. The fundamental logic of the Regulation, however, does not change: the Recast does not harmonise insolvency rules at EU level and its goal is still selecting competent venues and applicable insolvency regimes. In many respects, the reform simply codifies CJE U's case law, with the aim of increasing legal certainty. The Insolvency Regulation Recast is however innovative regarding the definition of COMI, by repealing the causality relation between criterions of 'permanence' and 'ascertainability'. Eventually, the Recast aims at better coor- dinating secondary proceedings and main proceedings; in this regard, it introduces 'synthetic secondary proceedings, whereby the insolvency practitioner of a main proceeding undertakes to respect other Member States distributional criterions in order to avoid the opening of a secondary proceeding. The real impact of these innovations is however uncertain. Table of Contents ECFR 2016, 1-30 1. A short history of the Insolvency Regulation Recast ................. 2 2. Scope of the Insolvency Regulation ............................ 7 a. Pre-insolvency proceedings and over-indebted natural persons in the original Insolvency Regulation .................................. 7 b. Scope of the Insolvency Regulation Recast: a codification of CJEU's case law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 3. The new definition of COMI ............................. 13 a. Permanence and ascertainability ........................... 13 b. COM I of natural persons ............................... 15 c. Opportunistic and fictive COMI relocations .................. 17 4. Scope of insolvency law and insolvency-related actions ................. 20 SOAS, University of London, Department of Financial and Management Studies - Uni- versity of Modena & Reggio Emilia, Department of Economics & CEFIN. A previous version of this paper was presented at the SOAS, DeFiMS research seminar, on 17.3.2015. I would like to thank Mimi Ajibade, Nick Foster and Mathias Siems for their comments. All mistakes and opinions are mine.