Cross-border insolvency in the EU: what Regulation 2015/848 corrects and who it affects

Key data

Companies with operations or debts in several EU countries, international creditors and insolvency administrators should be aware that the Regulation (EU) 2015/848 on insolvency proceedings has been subject to a new error correction, published on 9 April 2026 with CELEX reference 32015R0848R(07). The corrections are technical in nature: they do not alter the substantive rules, but ensure that the text is applied uniformly across all Member States and in all official EU languages.

What does this regulation establish?

Regulation (EU) 2015/848 is the European standard that regulates how insolvency proceedings are managed when more than one Member State is involved. It establishes three major blocks of rules:

• Judicial competence: determines which court in which country is competent to open and manage the insolvency proceedings. In general, it is the court of the country where the debtor has its centre of main interests.
• Applicable law: sets which national law governs the proceedings. Normally, that of the Member State where the main proceedings are opened.
• Mutual recognition: establishes how insolvency proceedings opened in one country are automatically recognized and enforced in the rest of the EU Member States.

This error correction—the seventh since the original publication in Official Journal L 141 of 5 June 2015—does not modify any of these three blocks. Its purpose is to ensure the legal coherence of the text in all official EU language versions, correcting drafting or translation errors that could generate divergent interpretations between countries.

Economic and operational impact

As this is a technical correction with no substantive changes, the direct and immediate economic impact is nil for most companies. However, there are relevant operational implications for those involved in or managing cross-border insolvency proceedings:

• Ongoing proceedings: insolvency administrators and legal advisors must verify that they are working with the corrected version of the Regulation, especially in litigation where the language version of the text may be relevant.
• International creditors: if you have claims against companies in other EU countries and insolvency proceedings are open, Regulation 2015/848—with its corrections—is the standard that determines your rights and order of priority.
• Companies with cross-border structure: the correction strengthens the legal certainty of the regulatory framework that governs what happens to your assets and debts in different countries if insolvency proceedings are opened.

There are no new compliance obligations, adaptation deadlines or sanctions directly arising from this correction. The real risk lies in operating with versions of the text that contain the corrected errors, which could generate divergent interpretations in court proceedings.

Who does it affect?

• Companies with cross-border debts: any company that has creditors, assets or subsidiaries in more than one EU Member State and that may be involved in insolvency proceedings.
• International creditors: companies or financial entities with claims against debtors established in other EU countries.
• Insolvency administrators: professionals who manage insolvency proceedings with implications in several Member States.
• Legal advisors and law firms specializing in European insolvency law: must work with the updated and corrected version of the Regulation.
• CFOs and financial directors of multinational groups: especially in groups with subsidiaries in several EU countries where insolvency risk management is part of financial planning.

Practical example

A Spanish company with subsidiaries in Germany and France faces financial difficulties. Its creditors are spread across the three countries. Regulation (EU) 2015/848 determines that the main insolvency proceedings are opened in Spain—where the group's centre of main interests is located—and that Spanish courts are competent.

Secondary proceedings may be opened in Germany and France for assets located there, and mutual recognition ensures that decisions by the Spanish court are automatically recognized in both countries without the need for additional exequatur proceedings.

With this error correction, the text of the Regulation applied by German and French courts in their language versions is consistent with the Spanish text, eliminating the risk of divergent interpretations that could affect the outcome of the proceedings for creditors or the company itself.

What should companies do now?

1. Verify the version of the Regulation in use: if your company or your advisory firm is managing cross-border insolvency proceedings, confirm that the corrected version of Regulation (EU) 2015/848 is being applied, available on EUR-Lex with reference CELEX:32015R0848R(07).
2. Review legal documentation in active proceedings: insolvency administrators and advisors must check that current briefs and court decisions are not based on versions of the text that contain the already corrected errors.
3. Update internal insolvency management protocols: legal and financial departments of groups with presence in several EU countries must ensure that their insolvency risk management protocols refer to the current and corrected version of the Regulation.
4. Consult with an advisor specializing in European insolvency law: if you have creditors or debts in several EU countries and there is a risk of insolvency, now is the time to review in which country the main proceedings would be opened and what implications it has for your assets and creditors.
5. Do not take urgent action if there is no active proceeding: as this is a technical correction with no new obligations or deadlines, companies without active insolvency proceedings do not need to act immediately.