The EU-Commission has appointed Niklas Körling as one of some twenty members of the Group of Private Experts on cross-border insolvency.
The group will hold five meetings in Brussels during the year to handle possible changes of the Insolvency Regulation. Important questions to be handled are COMI and the co-ordinating of insolvency proceedings for groups of companies. The present legislation allows for the relatively quick move of COMI which enables insolvency proceedings to be commenced in a different country. This changes the situation for e.g. creditors, who may have presumed that certain legislation applies. For groups with business in several countries today's regulations, which lack co-ordination on the group level, may often entail that the value of the group is reduced upon separate bankruptcies in different EU-countries.
The work will be carried out promptly as the objective is to finalise the review already during the later part of the year.