Paul Gogarty (Dublin Mid West, Independent)

I am grateful for a few minutes to speak on this very technical but necessary rubber-stamping of amendments to Regulation (EU) 2015/848 to modify its Annexes A and B, following the changes in seven EU member states, as the Minister outlined. It will ensure that the regulation continues to facilitate effective civil and judicial co-operation at EU level.

The Minister mentioned that we must do this within three months and this was issued in February. It is important and technical. In July 2022, Slovakia notified the Commission of recent changes to its domestic insolvency law introducing a new preventative restructuring procedure as well as a new type of insolvency practitioner. This was followed, as the Minister outlined, by notifications from Spain, Estonia, Malta and Italy in 2022, Belgium in July 2023 and Luxembourg in January 2024. The Commission went through all these notifications to ensure compliance and this is where the regulation needs to be amended. Essentially, if the Dáil approves the motion, it means we can apply the amended recast European insolvency regulation, ensuring that Ireland's insolvency laws align with the updated scope of the European framework.

The amendments make no substantive changes to the regulation but the efficient treatment of cross-border insolvency and of debtors with their centre of main interest in an EU member state requires regulation to reflect domestic insolvency laws. The proposal allows this regulation to be continued. As the Minister stated, it adjusts the legal framework of the member states on insolvency by the time of its application. This is why it is a three-month process. It is a rubber stamp and I support it.

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