European Insolvency Regulation (EIR)

The European Insolvency Regulation (EIR) is a set of laws that aims to coordinate the handling of insolvency cases across EU member states. It provides a framework to determine which country's courts should handle an insolvency, ensuring that assets are administered efficiently and fairly. This regulation helps businesses and individuals facing financial difficulties by facilitating cross-border insolvency procedures, protecting creditors' rights, and allowing for the streamlined recognition of insolvency decisions across Europe. Overall, it promotes legal clarity and cooperation among countries when dealing with insolvency issues.