Regulation (EU) 2015/848 on Insolvency Proceedings (Recast)

Our supplier in another EU Member State just filed for insolvency — can we still recover assets and lodge claims across borders, or are we locked out?

Cross-border insolvency proceedings are automatically recognised across the EU since 26 June 2017, but foreign creditors must lodge claims within a minimum of 30 days after publication or risk losing their ranking [Art. 55(6)].

Short Answer

Regulation (EU) 2015/848 determines which court opens main insolvency proceedings based on the debtor's centre of main interests (COMI) [Art. 3(1)], and the law of that Member State governs the proceedings and their effects [Art. 7]. Judgments opening proceedings are recognised automatically in all other Member States without further formalities [Art. 19]. The Regulation also introduces mandatory cooperation between insolvency practitioners and courts in both main/secondary proceedings [Art. 41–43] and corporate-group insolvencies [Art. 56–58], including a novel group coordination procedure with a court-appointed coordinator [Art. 61–77]. Foreign creditors are protected by standardised notice and claims forms, and may lodge claims in any EU official language [Art. 53–55].

Who is affected

Any debtor — company, legal person, or individual — with assets, establishments, or creditors in more than one EU Member State. Excluded: insurance undertakings, credit institutions, investment firms covered by Directive 2001/24/EC, and collective investment undertakings (UCITS/AIFs) [Art. 1(2)]. Groups of companies with subsidiaries in multiple Member States fall under Chapter V coordination rules [Art. 56–77].

Deadline

Fully applicable since 26 June 2017 (insolvency registers since 26 June 2018 [Art. 24(1)], interconnection system since 26 June 2019 [Art. 25]). Next Commission review report due no later than 27 June 2027 [Art. 90(1)]. For creditors in any given case: minimum 30-day deadline to lodge claims after insolvency register publication [Art. 55(6)].

Risk

No administrative fines in this Regulation — it is a procedural framework, not a sanctioning regime. The risk is economic: failure to identify the correct COMI and file claims within the deadline means losing ranking or recovery entirely. An insolvency practitioner who fails to inform known foreign creditors [Art. 54] or breaches an undertaking to avoid secondary proceedings [Art. 36] is personally liable for damages to local creditors [Art. 36(10)]. Incorrect COMI determination can be challenged [Art. 5], potentially invalidating the entire proceeding.

Proof

Legal status

• In force
• as of 2026-04-17
• Consolidated version of 06.11.2025 (incorporating amendments M1–M5 and corrigenda C1–C2)

Primary sources

• EUR-Lex — Full text
• European e-Justice — Insolvency — EU cross-border insolvency portal

What to do now

Legal / DPO

•Verify the debtor's centre of main interests (COMI) under the rebuttable presumptions in [Art. 3(1)] — registered office for companies, principal place of business for professionals, habitual residence for individuals — especially if relocated within the preceding 3 or 6 months.
•Assess whether to challenge jurisdiction under [Art. 5] or request secondary proceedings in Member States where the debtor holds an establishment [Art. 3(2)], weighing whether a practitioner's undertaking under [Art. 36] adequately protects local creditors.
•Review applicable conflict-of-law rules for specific asset categories — rights in rem [Art. 8], reservation of title [Art. 10], employment contracts [Art. 13], and immovable property [Art. 11] — which are carved out from the lex concursus.

Compliance

•Implement internal workflows to monitor EU insolvency registers via the European e-Justice Portal interconnection system [Art. 25] for early detection of counterparty insolvencies affecting supply chains or receivables.
•Ensure foreign-creditor claims are filed within the minimum 30-day window using the standard claims form [Art. 55], including principal, interest, preferential status and security details — missing this deadline may forfeit the claim.
•For groups of companies: coordinate with insolvency practitioners across subsidiaries to participate in or opt out of group coordination proceedings [Art. 61–69], assessing whether the proposed coordinator and coordination plan serve creditor interests.

IT / Security

•Ensure internal systems maintain structured data on counterparty COMI locations, establishment addresses, and group structures to enable rapid COMI analysis when an insolvency is opened [Art. 3].
•Implement data-protection controls for personal data obtained from interconnected insolvency registers [Art. 78–83], including purpose limitation and retention periods aligned with national accessibility rules [Art. 83].
•Support electronic claims lodgement capability via the channels accepted under [Art. 53] and Regulation (EU) 2023/2844, including secure document transmission for supporting evidence.

Product / Engineering

•Build counterparty-risk dashboards that flag when business partners are registered in Member States with establishments in multiple jurisdictions, indicating elevated cross-border insolvency exposure [Art. 2(10), Art. 3].
•Integrate EUR-Lex insolvency register data feeds or the European e-Justice Portal search service [Art. 25] into procurement and contract management tools for real-time insolvency monitoring.
•Design claims-management features supporting the standard form fields required by [Art. 55(2)] — claim amount, interest, preferential status, security details, set-off — to accelerate lodgement across jurisdictions.

Key Terms

Centre of main interests (COMI): The place where the debtor conducts the administration of its interests on a regular basis and which is ascertainable by third parties; determines which Member State's courts have main jurisdiction [Art. 3(1)].
Insolvency practitioner: Any person or body appointed to verify and admit claims, represent creditors' collective interest, administer or liquidate divested assets, or supervise the debtor's affairs; listed in Annex B per Member State [Art. 2(5)].
Secondary insolvency proceedings: Proceedings opened in a Member State where the debtor has an establishment, after main proceedings have been recognised; effects are restricted to assets situated in that Member State's territory [Art. 3(2)–(3), Art. 34].
Establishment: Any place of operations where a debtor carries out or has carried out in the 3-month period prior to the filing a non-transitory economic activity with human means and assets [Art. 2(10)].
Group coordination proceedings: A procedure under Chapter V enabling a court-appointed coordinator to propose a coordination plan for insolvency proceedings involving multiple members of a corporate group across different Member States [Art. 61–77].
Undertaking (to avoid secondary proceedings): A unilateral commitment by the main insolvency practitioner to distribute assets in another Member State according to that State's priority rules, thereby potentially avoiding the opening of secondary proceedings [Art. 36].
Debtor in possession: A debtor who remains totally or partially in control of its assets and affairs during insolvency proceedings, without full transfer of administration rights to an insolvency practitioner [Art. 2(3)].
Lex concursus: The law of the Member State where insolvency proceedings are opened, which governs the conditions for opening, conduct, and closure of proceedings including claims ranking, set-off, and avoidance actions [Art. 7].

Frequently Asked Questions

Which court has jurisdiction to open main insolvency proceedings?

The courts of the Member State where the debtor's centre of main interests (COMI) is situated [Art. 3(1)]. For companies, the registered office is presumed to be the COMI unless rebutted — but the presumption does not apply if the office was moved within 3 months before the filing [Art. 3(1)].

What are secondary insolvency proceedings and when can they be opened?

Secondary proceedings may be opened in any Member State where the debtor has an establishment [Art. 3(2)]. Their effects are limited to assets located in that territory [Art. 34]. The insolvency practitioner in main proceedings can give an undertaking to avoid secondary proceedings by committing to respect local distribution and priority rules [Art. 36].

How does the Regulation protect foreign creditors?

Known foreign creditors must be individually notified using a standard form as soon as proceedings are opened [Art. 54]. They may lodge claims in any EU official language using the standard claims form [Art. 55(5)], and the deadline for foreign creditors must be at least 30 days after publication in the insolvency register [Art. 55(6)]. No lawyer is required solely for lodging claims [Art. 53].

What happens when multiple subsidiaries in a corporate group become insolvent?

Chapter V establishes cooperation duties between insolvency practitioners [Art. 56] and courts [Art. 57] across group members. Any practitioner may request group coordination proceedings [Art. 61], which appoint an independent coordinator who proposes a group coordination plan [Art. 72]. Practitioners must consider but are not bound by the coordinator's recommendations [Art. 70].

Are rights in rem (secured claims) affected by foreign insolvency proceedings?

No. The opening of proceedings does not affect rights in rem of creditors or third parties over assets situated in another Member State [Art. 8(1)]. This covers liens, mortgages, retention of title, and pledges [Art. 8(2)]. However, avoidance actions remain possible [Art. 8(4)].

Can an insolvency practitioner act across borders?

Yes. A practitioner appointed in main proceedings under [Art. 3(1)] may exercise all powers conferred by the lex concursus in other Member States, including removing assets, as long as no other proceedings have been opened there [Art. 21(1)]. The practitioner must comply with local law regarding asset realisation procedures and may not use coercive measures without local court order [Art. 21(3)].

Does this Regulation apply to proceedings opened before 26 June 2017?

No. Regulation (EU) 2015/848 applies only to proceedings opened from 26 June 2017 [Art. 84(1)]. Earlier proceedings remain governed by the predecessor Regulation (EC) No 1346/2000 [Art. 84(2)].

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