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Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings (recast)RecitalsChapter I General provisions (arts. 1-18)Article 1 ScopeArticle 2 DefinitionsArticle 3 International jurisdictionArticle 4 Examination as to jurisdictionArticle 5 Judicial review of the decision to open main insolvency proceedingsArticle 6 Jurisdiction for actions deriving directly from insolvency proceedings and closely linked with themArticle 7 Applicable lawArticle 8 Third parties' rights in remArticle 9 Set-offArticle 10 Reservation of titleArticle 11 Contracts relating to immoveable propertyArticle 12 Payment systems and financial marketsArticle 13 Contracts of employmentArticle 14 Effects on rights subject to registrationArticle 15 European patents with unitary effect and Community trade marksArticle 16 Detrimental actsArticle 17 Protection of third-party purchasersArticle 18 Effects of insolvency proceedings on pending lawsuits or arbitral proceedingsChapter II Recognition of insolvency proceedings (arts. 19-33)Article 19 PrincipleArticle 20 Effects of recognitionArticle 21 Powers of the insolvency practitionerArticle 22 Proof of the insolvency practitioner's appointmentArticle 23 Return and imputationArticle 24 Establishment of insolvency registersArticle 25 Interconnection of insolvency registersArticle 26 Costs of establishing and interconnecting insolvency registersArticle 27 Conditions of access to information via the system of interconnectionArticle 28 Publication in another Member StateArticle 29 Registration in public registers of another Member StateArticle 30 CostsArticle 31 Honouring of an obligation to a debtorArticle 32 Recognition and enforceability of other judgmentsArticle 33 Public policyChapter III Secondary insolvency proceedings (arts. 34-52)Article 34 Opening of proceedingsArticle 35 Applicable lawArticle 36 Right to give an undertaking in order to avoid secondary insolvency proceedingsArticle 37 Right to request the opening of secondary insolvency proceedingsArticle 38 Decision to open secondary insolvency proceedingsArticle 39 Judicial review of the decision to open secondary insolvency proceedingsArticle 40 Advance payment of costs and expensesArticle 41 Cooperation and communication between insolvency practitionersArticle 42 Cooperation and communication between courtsArticle 43 Cooperation and communication between insolvency practitioners and courtsArticle 44 Costs of cooperation and communicationArticle 45 Exercise of creditors' rightsArticle 46 Stay of the process of realisation of assetsArticle 47 Power of the insolvency practitioner to propose restructuring plansArticle 48 Impact of closure of insolvency proceedingsArticle 49 Assets remaining in the secondary insolvency proceedingsArticle 50 Subsequent opening of the main insolvency proceedingsArticle 51 Conversion of secondary insolvency proceedingsArticle 52 Preservation measuresChapter IV Provision of information for creditors and lodgement of their claims (arts. 53-55)Article 53 Right to lodge claimsArticle 54 Duty to inform creditorsArticle 55 Procedure for lodging claimsChapter V Insolvency proceedings of members of a group of companies (arts. 56-77)Section 1 Cooperation and communication (arts. 56-60)Article 56 Cooperation and communication between insolvency practitionersArticle 57 Cooperation and communication between courtsArticle 58 Cooperation and communication between insolvency practitioners and courtsArticle 59 Costs of cooperation and communication in proceedings concerning members of a group of companiesArticle 60 Powers of the insolvency practitioner in proceedings concerning members of a group of companiesSection 2 Coordination (arts. 61-77)Subsection 1 Procedure (arts. 61-70)Article 61 Request to open group coordination proceedingsArticle 62 Priority ruleArticle 63 Notice by the court seisedArticle 64 Objections by insolvency practitionersArticle 65 Consequences of objection to the inclusion in group coordinationArticle 66 Choice of court for group coordination proceedingsArticle 67 Consequences of objections to the proposed coordinatorArticle 68 Decision to open group coordination proceedingsArticle 69 Subsequent opt-in by insolvency practitionersArticle 70 Recommendations and group coordination planSubsection 2 General provisions (arts. 71-77)Article 71 The coordinatorArticle 72 Tasks and rights of the coordinatorArticle 73 LanguagesArticle 74 Cooperation between insolvency practitioners and the coordinatorArticle 75 Revocation of the appointment of the coordinatorArticle 76 Debtor in possessionArticle 77 Costs and distributionChapter VI Data protection (arts. 78-83)Article 78 Data protectionArticle 79 Responsibilities of Member States regarding the processing of personal data in national insolvency registersArticle 80 Responsibilities of the Commission in connection with the processing of personal dataArticle 81 Information obligationsArticle 82 Storage of personal dataArticle 83 Access to personal data via the European e-Justice PortalChapter VII Transitional and final provisions (arts. 84-92)Article 84 Applicability in timeArticle 85 Relationship to ConventionsArticle 86 Information on national and Union insolvency lawArticle 87 Establishment of the interconnection of registersArticle 88 Establishment and subsequent amendment of standard formsArticle 89 Committee procedureArticle 90 Review clauseArticle 91 RepealArticle 92 Entry into forceAnnex A Insolvency proceedings referred to in point (4) of Article 2Annex B Insolvency practitioners referred to in point (5) of Article 2Annex C Repealed Regulation with list of the successive amendments theretoAnnex D Correlation tableDone at
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Version status: Applicable | Document consolidation status: Updated to reflect all known changes
Version date: 26 June 2017 - onwards
Version 3 of 3

Article 12 Payment systems and financial markets

1. Without prejudice to Article 8, the effects of insolvency proceedings on the rights and obligations of the parties to a payment or settlement system or to a financial market shall be governed solely by the law of the Member State applicable to that system or market.

2. Paragraph 1 shall not preclude any action for voidness, voidability or unenforceability which may be taken to set aside payments or transactions under the law applicable to the relevant payment system or financial market.

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