Summary

After 26 June 2017, the Insolvency Regulation (recast) EU/2015/848 will become applicable in the European Union. The new regulation repeals the former Insolvency Regulation EC/1346/2000. Similarly to the old regulation the new regulation includes provisions on international jurisdiction, applicable law and the recognition and enforcement of judgments in insolvency matters. In addition, the new regulation contains provisions on international cooperation and coordination of insolvency proceedings in various Member States. The main purpose of these provisions is to shift the focus of insolvency proceedings from liquidation to restructuring of viable businesses, ensuring at the same time that the interests of possible creditors are sufficiently protected. The purpose of the article is to give the reader an overview on the new regulation, to explain its scope of application and relationship with the other private international law instruments applicable in Estonian courts, and to evaluate changes that the new regulation brings to Estonian insolvency law.