With the publication of its Proposal for a Directive on the harmonisation of sure facets of insolvency legislation in December 2022 (Proposal), the European Fee has moved into unchartered territory. The primary responses have been divergent. Some commentators indicated that (a part of) the Proposal is farfetched and at odds with presently well-functioning home insolvency laws in EU Member States, whereas others had clearly hoped for extra in depth proposals for harmonisation.
To discover the Proposal in additional element, the Convention on European Restructuring and Insolvency Legislation (CERIL) organises an international conference on 20 and 21 April 2023 in Leiden (the Netherlands). The CERIL Convention will convey collectively specialists from observe, academia, and the bench who will assess the subjects proposed for harmonisation. As enter for the Convention itself, CERIL conducts a survey gathering views from throughout Europe on the reception of this new Proposal.
Fee Proposal to harmonise sure facets of insolvency legislation
On 7 December 2022, the European Fee offered its lengthy anticipated legislative proposal for a directive to harmonise sure facets of insolvency legislation (COM/2022/702 final). With the intention to contribute to the event of a Capital Markets Union, the Fee has put ahead this Proposal on company insolvency guidelines. Extra particularly, the Fee goals to make substantive insolvency regimes extra coherent by lowering authorized uncertainty. It additionally goals to advertise cross-border funding.
With the target of harmonising ‘sure facets of insolvency legislation’, the Proposal covers quite a lot of roughly separate subjects, together with (i) avoidance actions, (ii) asset tracing, (iii) pre-pack proceedings, (iv) administrators’ responsibility to file, (v) winding-up of bancrupt micro-enterprises, (vi) collectors’ committees, and lastly (vii) measures enhancing the transparency of nationwide insolvency legal guidelines.
Surveying European reception of the Proposal
The Proposal regards reform of a number of substantive subjects of nationwide insolvency regimes. Upon adoption, the implementation of the proposed Directive would require Member States to amend their present insolvency regimes.
With the publication of the Proposal, the trilogue with the Parliament and Council will start. As well as, a authorized debate will enfold on the proposed measures. To take inventory of how the respective subjects of the Proposal are welcomed throughout Europe, CERIL invitations you to participate in a survey (circa 10 minutes), which is out there here.
Discussing the Proposal: CERIL Convention
As a assume tank, CERIL intently follows this EU improvement on harmonisation of insolvency legislation. CERIL is an impartial non-profit, non-partisan, self-supporting organisation of roughly 90 attorneys and different restructuring and insolvency practitioners, legislation professors and (insolvency) judges dedicated to the advance of restructuring and insolvency legal guidelines and practices in Europe.
This yr, CERIL celebrates its 5th anniversary as an impartial European assume tank. This shall be marked with the upcoming worldwide convention on Thursday 20 and Friday 21 April 2023. In the course of the convention additionally a lustrum e-book shall be offered.
The primary day will set the scene for harmonisation of EU insolvency legislation. Today will characteristic, amongst others, a keynote deal with by a Pal Szirányi, representing the European Fee. As well as, audio system from over ten European nations will evaluate the scope of the Proposal and whether or not there’s a want to contemplate additional subjects for harmonisation. The second day will give attention to particular subjects of the Proposal itself, together with these coping with pre-packs, MSMEs, responsibility to file, avoidance actions and collectors’ committees.
Click on here for the total program and for registration.
