Education News & Updates

Insolvency Course in Athens for 2020

INSOL Europe High-Level Course on Insolvency is an ambitious training project that for its third edition, will be held in Athens, both for the importance of the jurisdiction's legal tradition and for its recent reforms in the insolvency area.

Find out about this year's course here.

Update on Cyprus - Module III
The third and last module of our INSOL Europe High-Level Course on Insolvency in Cyprus took place in Nicosia at the Hilton Cyprus Hotel on Friday 22 March 2019 which was followed by approx. 60 attendees (lawyers, chartered-accountants, insolvency practitioners, bankers and officers).
Module III is a distance training part, when all course attendees need to write an essay on a topic of the choice of the attendee, from a proposed list of International, Comparative International-Cypriot and Cypriot insolvency law topics prepared by the general and local directors. A committee appointed ad hoc composed of international and national experts review the essays and select the best for each proposed topic. Afterwards, the authors of the best essays are invited to present them in the one-day seminar.
Thus, the one-day seminar began with the analysis of the most relevant concepts of the future directive on preventive restructuring frameworks by Andrie Kypridemou followed by the challenges surrounding the future transposition of the future directive in Cypriot law by Achilleas Malliotis & Efrosini Monou (Elias Neocleous, Cyprus).

Morfakis P. Koumas & Christoforos Tsekouras (Stelios Americanos & Co, Cyprus) then provided the audience with a comparison of the systems of liability of directors in insolvency between Cypriot law and the UK and German legislations, with special regard to the causal link in directors’ liability for the insolvent company’s debts.

The presentations then moved to Cypriot insolvency law with an exploration of the key deficiencies in the insolvency Cypriot framework conducted by Aphrodite Kyriakidou (APS Debt Servicing Cyprus) & Roula Katsounarou (Nexia Insolv, Cyprus) who made recommendations for reform. Renos Iioannides & Zinonas Kalogirou (KPMG, Cyprus) focused on the unsuccessful examinership in Cyprus and also presented recommendations for improvement.

Alexandru Airinei & Aphrodite Kyriakidou (APS Debt Servicing, Cyprus) explored how directors could be encouraged to seek insolvency advice in advance of creditor action and ways to ensure their accountability.

The last presentation covered a comparative analysis of office holders’ powers (including receiver managers, liquidators in both compulsory and voluntary winding up procedures, examiners and trustees in bankruptcy, in accordance with Cypriot law conducted by Grigoria Kypri & Louiza Sigar (CRI Group, Cyprus).

The brilliant presentations were followed by very interesting and passionate debates with the discussants and the audience and the day ended with a certificate presentation.
The second edition of our INSOL Europe High-Level Course on Insolvency was very successful thanks to the great deal of knowledge of the general director who designed the course, Prof. Ignacio Tirado (Universidad Autonoma de Madrid, Spain / UNIDROIT, Italy) and the high-level of expertise and energy of the local director, Chris Iacovides (CRI Group, Cyprus) and his local team of experts: Andri Antoniou (CRI Group, Cyprus), Irina Mișca (CITR Group, Cyprus), Maria Kyriakou (Elias Neocleous, Cyprus), Panayiota Georgiou, Michalis Loizides and Antonis Rouvas (KPMG, Cyprus) and Andrea Jakes (Bank of Cyprus Public Company Ltd, Cyprus).
We are very proud of our INSOL Europe High-Level Course on Insolvency which is the torchbearer of the harmonisation of restructuring and insolvency practice in Europe!
Radu Lotrean & Emma Inacio
Co-chairs of the INSOL Europe High-Level Course on Insolvency
INSOL International’s Foundation Certificate in International Insolvency Law

INSOL International is in the process of launching its new Foundation Certificate in International Insolvency Law, which commences on 1 September 2019. Enrolments on the course open on 1 March 2019.     

This course has been designed as an entry level course for persons who have no or very little experience in the field of international insolvency law, especially for persons in emerging markets and developing economies who may not have access to a similar course in their own jurisdictions. The Foundation Certificate is not to be confused with the Global Insolvency Practice Course (GIPC), which remains INSOL International’s flagship educational offering for persons with more than five years’ experience.     

While the course fee for both designated and non-designated countries has already been set very low for a course of this nature, please note that INSOL International members qualify for a 25% discount on the course fee.
INSOL Europe members are also therefore eligible for this discount.

Full details regarding the course, the entry criteria and the course fee can be found in the course brochure.

If you have any questions regarding the content or presentation of the course, please do not hesitate to contact the Course Leader, David Burdette at
The High-Level Insolvency Course: On Tour in Paradise (or Cyprus)

The second outing for the High-Level Insolvency Course brought over 100 participants together in Nicosia, capital of Cyprus. Paul Omar (Technical Research Coordinator, INSOL Europereports from the first module of the successful event.

While temperatures outside were above 30ºC throughout the event, held over 2 days at the Hilton Hotel, inside cooler surroundings helped attendees focus on the lectures and complex case studies making up the first module of the course. Following an introduction by Radu Lotrean (President, INSOL Europe) and Emmanuelle Inacio (Course Director, INSOL Europe), welcome speeches were given by Georgios Karrotsakis (Head, Cyprus Insolvency Service) and Spyros Kokkinos (Registrar of Companies and Official Receiver of Cyprus) referring to recent reforms introducing rescue in the form of the examinership procedure, improving the enforcement process and the treatment of consumer indebtedness as well as providing a firm foundation for the organisation of the local profession.
The opening afternoon’s proceedings began with an introduction to the history of bankruptcy law and how modern trends were anticipated in developments beginning in the Ancient Period, which saw insolvency acquire moral overtones and penal sanctions. The more modern focus on rescue comes in the wake of the shift in commercial activity from individuals to legal entities (companies, partnerships and other vehicles) and has progressively moved upstream in the lifecycle of these entities, leading contemporary insolvency frameworks to consider adoption of early warning and pre-insolvency measures to complete the modern tool-kit. Recent work by the European Commission promoting preventive restructuring, given some attention throughout the course, also falls within this trend.
The second lecture, by Professor Irit Mevorach (Nottingham), continued the introductory theme by providing a comparative outline of the scope of insolvency procedures in a number of jurisdictions and the debtors they target. Going further, the presentation covered the opening phase of procedures and how debtors are incentivised to open bankruptcy proceedings and seek court protection. Using the contrasting structures of wrongful trading and filing obligations, Professor Mevorach explored how effective these are at ensuring timely entry into insolvency to help protects the creditors’ interest. Closing proceedings on the first day, the final lecture looked at the concept of the estate, its constitution and its evolution through avoidance actions, onerous property provisions and rules on after-acquired property.
The second day began with an exploration of cross-border insolvency through the prism of the international texts. Leading the debate, Professor Irit Mevorach contrasted possible outcomes with universalism and territorialism as guiding principles for insolvency frameworks, the difficulties that the UNCITRAL Model Law and European Insolvency Regulation attempt to palliate as well as the issues arising where these texts need to be invoked. As the acknowledged UK expert on corporate groups, Professor Mevorach also touched upon their unique and varied structures, highlighting the complexity in cross-border cases, particularly referring to the themes of coordination, communication and cooperation. This was followed by a session featuring a case study that brought the themes and issues to the fore.
The afternoon session retuned to substantive law, looking at various procedures along the continuum as debtors begin to experience financial difficulties and approach insolvency. The opening lecture began with a consideration of informal workouts and strategies at the threshold of insolvency, further explored through a case study offering a fact matrix inviting a contrast between informal and formal processes. Formalised insolvency was then the theme of a presentation by Dr Alexander Roxas (Thessaloniki), who took the audience through the steps from opening, via constitution of the estate, to plan formation, with a special focus on the Draft Directive on preventive restructuring and how it might offer an alternative to formal proceedings by moving the focus on restructuring further upstream. A concluding lecture closed the loop on the organisation of procedures by looking at the treatment of contracts in insolvency.
Overall, participants were keen to share their experience of practice in Cyprus, offering insights into how changes to the system intervening in recent years had brought new opportunities, though not always sufficiently well utilised. The debate between international and local experts that ran throughout the course also elicited views on how the domestic law might be ameliorated with examples forthcoming from other jurisdictions of good practice that could be emulated. The course now moves on to its second component, which will take place on 25-26 October at the same location, where a master class will be offered on local insolvency law and practice.
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