EIR (European Insolvency Regulation)

The European Insolvency Regulation (EIR) establishes a cohesive legal framework for insolvent businesses and individuals within the European Union. It aims to streamline cross-border insolvency proceedings, ensuring that cases are handled in a fair and efficient manner. The EIR sets rules for determining which country's laws apply, facilitates cooperation between different national courts, and aims to protect the rights of creditors and debtors alike. By harmonizing these processes, it helps to reduce legal uncertainty and enhances the effectiveness of insolvency procedures across EU member states.