Niall Collins (Limerick County, Fianna Fail)

I thank Deputies for their contributions to this important debate. We have listened carefully to what has been said today, and we can all agree on the importance of this opt-in.

In summary, this proposal was presented by the European Commission to the Council on 14 February 2025. It is for an amending regulation that will update and replace Annexes A and B of recast Regulation 2015/848. These annexes are decisive in defining the scope of the application of Regulation 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings. They set out definitive lists of the different types of national insolvency proceedings and national insolvency practitioners in each member state that are to be recognised by other member states for the purposes of the regulation. It is important therefore that these annexes are regularly updated in order to reflect the actual legal situation in the member states.

The specific changes made by the new amending regulation are designed to replace Annexe A and Annexe B of the 2015 regulation with updated versions to take account of new types of insolvency proceedings and insolvency practitioners arising from changes in national insolvency law in seven member states. These member states are Slovakia, Estonia, Spain, Malta, Italy, Belgium and Luxembourg. The European Commission has analysed the notifications of the said member states in order to ensure compliance of the notifications with the requirements of the regulation. It is important for me to emphasise that this amending regulation does not make any change to the lists of Irish insolvency proceedings and Irish insolvency practitioners in Annexes A and B that are to be recognised and enforced by other EU member states under the recast insolvency regulation.

As already stated, it is desirable that Ireland should opt into this proposal for several reasons. The recast insolvency regulation is an important and well-established part of civil justice co-operation between EU member states and ensures a more coherent and predictable approach in cross-border insolvency cases, and avoids unnecessary legal uncertainty and added litigation costs. The amending regulation is a very useful updating measure to ensure the effective and efficient operation of the recast insolvency regulation across EU member states. As Deputies will appreciate, it is desirable for Ireland to apply the same updated rules as other member states. As a result, what we are asking the House to do today is to approve the exercise by the State of the opt-in or direction under Protocol 21 to take part in the adoption and application of the proposal for a regulation of the European Parliament and of the Council amending Regulation 2015/848 on insolvency proceedings to replace its Annexes A and B. It is important to reiterate that the current proposal merely modifies these annexes to accurately reflect the content of national notifications and adopt the annexes containing the lists of national procedures or types of insolvency practitioners respectively in this field. These changes do not affect any of the obligations and rules set out in the regulation.

The relevant three-month period to opt into this proposal will expire on 13 May 2025. It is desirable that Ireland should exercise its right to opt into this amending regulation. Therefore, I ask the House to approve the opt-in in this amendment to the proposed regulation.

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