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EU Public consultation on the new EU initiative entitled 'Insolvency laws: increasing convergene of national laws to encourage cross-border investment'

We are pleased to let you know that the European Commission has published the public consultation on the New EU Insolvency initiative.

Feedback period
18 December 2020 - 26 March 2021  (midnight Brussels time)

Who can respond ?
All stakeholders with an interest in insolvency law: creditors of all kinds (including employees), debtors, insolvency practitioners or judges but also legal professionals, public authorities, the representatives of the judiciary, research and academia. 

Share your views !
The initiative is complementary to the Directive on Restructuring and Insolvency, and – consequently – focuses on aspects of insolvency laws that were not addressed there. 
Do not hesitate therefore to share your views on a range of issues including the liability and duties of directors of companies in the vicinity of insolvency; the status and duties of insolvency practitioners; the ranking of claims; avoidance actions; identification and preservation of assets belonging to the insolvency estate or core procedural notions.  
You can fill in the online questionnaire which is available here.

Update: 14 January 2021


The EU-UK Trade and Cooperation Agreement

Relevant information published by the European Commission on the EU-UK Trade and Cooperation Agreement is available at: 
https://ec.europa.eu/info/relations-united-kingdom/eu-uk-trade-and-cooperation-agreement_en

Update: 4 January 2021
 

Tracker on the Implementation of the EU Restructuring and Insolvency Directive

The tracker on the implementation of the EU Directive on Restructuring and Insolvency is available here.

This tracker will be regularly updated in the months to come.

Update: 19 December 2020
 

Preliminary results of the EBRD Insolvency Assessment on Business Reoganisation (as at December 2020)


At the first session of the INSOL Europe EECC Online Conference which took place on 3 December 2020, Catherine Bridge-Zoller from the European Bank for Reconstruction and Development (EBRD) shared with the audience the preliminary results of the Insolvency Assessement on Business Reorganisation.

The PPT presentation is available here.
 
Final results are expected at the end of the first quarter 2021. We'll keep you updated in due course.

Update: 19 December 2020 

JCOERE Project team & UCC School of Law Webinar 'Corporate Rescue and Legal Supports for Businesses Post COVID-19'

The webinar which took place on Friday 27th November, convened by the JCOERE Project team and the UCC School of Law, consisted of three short panel sessions on preventive restructuring processes in Ireland including corporate rescue (recent developments in Examinerships and Schemes of Arrangement), recent European developments, particularly the UK and the Netherlands, in addition to legal supports for businesses post COVID-19 including prospects for a new rescue process for small companies. 

For more information on the technical programme or on the broad range of speakers discussing these themes or if you just want to watch the webinar video in full, please click here

More information on the JCOERE Project at UCC, led by Professor Irene Lynch FANNON, is available here or on Twitter at @JCOEREProject 

Please note that the JCOERE Project event was funded by the European Union's Justice Programme 2014-2020. The content of the presentations represents the views of the author only and is his/her sole responsibility. The European Commission does not accept any responsibility for use that may be made of the information they contain. 

Update: 09 December 2020   
 

Judicial Co-Operation supporting Economic Recovery in Europe (JCOERE) Project Reports  

The objective of the JCOERE Project is to ‘Enhance Judicial Co-operation under the Recast Insolvency Regulation (EU 2015/848) supporting preventive restructuring (rescue) processes for European businesses.’ The emphasis is on the obligations imposed on European Judiciary by the Recast Regulation to co-operate in the context of cross-border insolvency with particular emphasis on preventive restructuring.
 
The project is coordinated by University College Cork (Ireland) with partners from the Università degli Studi di Firenze (Italy), University Titu Maiorescu (Romania) and INSOL Europe. The project runs from October 2018 – December 2020. JCOERE is funded by the EU Commission Project 800807- DG JUST- JUST-JCOO-AG-2017.
 
The outcomes of the Project Team have been published in two reports:
 
JCOERE Report 1 examines substantive challenges that may arise from the scope of the implementation of preventive restructuring frameworks introduced in compliance with the minimum standards set by the Preventive Restructuring Directive 2019/1023, or as in the Irish case of Examinership, in frameworks already existing in some jurisdictions. Its analysis relies in part on country reports from 11 different EU jurisdictions in answer to a questionnaire distributed at the beginning of the project. Fundamentally, this first Report presents the context in which the project’s investigation of court cooperation in cross-border restructuring arises by highlighting specific substantive areas in which there may be tension between certain member states, resulting in obstacles to cooperation.
 
JCOERE Report 2 then analyses the obligations arising from the EU Insolvency Regulation and its Recast imposed on courts in EU Member States to cooperate in cross-border insolvency and restructuring matters. This second report also benchmarks judicial utilisation and awareness of best practice guidelines on court cooperation through the analysis of the results of a judicial survey distributed throughout the judiciaries of all EU members states along with feedback during in-person events with various judicial networks. This report also considers questions of judicial and legal culture and how this also impacts mutual trust and effective cooperation amongst the Member States. It concludes with reflections upon the findings of both reports and what the findings may say about the broader question of legal harmonisation and integration.

The JCOERE has also put in place an interactive dataset of case studies which is available here.
 
More information on the JCOERE Project at UCC, led by Professor Irene Lynch FANNON, is available here or on Twitter at @JCOEREProject
 
Please note that the JCOERE Project was funded by the European Union's Justice Programme 2014-2020. The content of the reports represents the views of the authors only and is their sole responsibility. The European Commission does not accept any responsibility for use that may be made of the information they contain.
 
Update: 09 December 2020
 

EU Commission publishes a revised notice to stakeholders in the field of civil justice and private international law in view of UK’s withdrawal from the EU

The European Commission has published a revised  "Notice to stakeholders concerning the withdrawal of the United Kingdom and EU rules in the field of civil justice and private international law".

The new document replaces the notice to stakeholders, published on 18 January 2019, and the Q&A document, published on 11 April 2019. 

You can consult the new document here: https://ec.europa.eu/info/publications/civil-justice-judicial-cooperation-civil-and-commercial-matters

Update04 September 2020
 

New EBRD Insolvency Assessment on Business Reoganisation

The European Bank for Reconstruction and Development (EBRD) launched on 1st September 2020 an Insolvency Assessment on Business Reorganisation.
 
The Assessment aims to provide detailed guidance on legislative gaps to address an expected increase in businesses needing to use formal restructuring procedures following the coronavirus pandemic.
 
Structured as a questionnaire, the assessment will provide an up-to-date map of restructuring frameworks across the EBRD regions in Europe, Asia and Africa. It aims to provide an overview of the options within pre-insolvency and insolvency frameworks across the economies where the EBRD engages, but, for benchmarking purposes, the consultation is also open to countries where the EBRD does not at present invest.
 
The results of the assessment as well as a report summarising its findings will be made publicly available online and will also be published in due course on the INSOL Europe website.

The survey which is available in English, French and Russian will be open for public consultation until 31 October 2020 is available here.

The press release is accessible here.

The recording of the virtual discussion and launch of the EBRD assessment on the state of business reorganisation frameworks (Webinar of 8th September) is accessible here as well as an article written by Catherine Bridge Zoller, Senior Counsel at EBRD here.

We encourage all INSOL Europe members to participate to the EBRD Assessment given the fact that the EBRD has decided to extend the scope of the questionnaire also to EU non-EBRD countries.

Make your voice heard !

update: 14 September 2020


Revised version of the EBRD core insolvency principles

The EBRD has recently published a revised version of the EBRD core insolvency principles, in relation to which INSOL Europe provided substantive feedback working to a tight deadline during the Summer.

The consultation within INSOL Europe which was coordinated by Paul Omar, assisted by Niculina Somlea and Myriam Mailly saw responses forthcoming from 23 jurisdictions represented within our organisation.

The revised principles as at September 2020 are available here.
 
update: 1st September 2020


European e-Justice Portal - Impact of the COVID-19 virus on the justice field

Insolvency law

The COVID-19 pandemic and the shutdown of large parts of the economy has led to a drastic drop in the cash-flow of companies and to a threat of mass insolvencies.

The table available here (under point 1. CIVIL LAW, subsection: insolvency law) provides an overview of measures taken by Member States in order to cope with this situation and to prevent insolvencies of viable businesses caused by this temporary shock. Such measures may concern:

  • substantive insolvency law, including the suspension of the duty (for debtors) and the possibility (for creditors) to file for insolvency or moratoria on the enforcement of claims or the termination of contracts,
  • procedural insolvency law relating to the interruption of court proceedings, time-periods and various types of time-limitations, and
  • additional measures directly or indirectly related to insolvency situations of businesses, including, where indicated by Member States, wider measures helping entrepreneurs to get over economic difficulties caused by the COVID-19 pandemic.

Please note that the aforementioned table will be regularly updated since some measures of EU Member States are still under adoption.

We thank the European Commission for sharing this information with the EU Study Group and the INSOL Europe members.
 


Useful links related to measures taken in the COVID-19 context

Coronavirus (COVID-19) Tracker of insolvency reforms globally (as at 2 July 2020) produced by Lexis Nexis in partnership with INSOL Europe

The tracker is available here.

Full Free-access articles are available here.

Overview on Covid19 related governmental measures in CEE
Information on laws, regulations and governmental measures enacted in different areas due to the Coronavirus pandemic (COVID-19) in Central and Eastern Europe, including Belarus, Bulgaria, Czechia, Estonia, Hungary, Estonia, Latvia, Lithuania, Poland, Romania and Slovakia.

COVID-19 Factsheet (as at 8 May 2020) is accessible here.
COVID-19 Factsheet (as at 1st June 2020) is accessible here.

Please note that up-to-date versions are also accessible here.

We thank Frank Heemann (Rechtsanwalt, Partner at bnt Heemann APB in Vilnius) for sharing this information with the EU Study Group and the INSOL Europe members.
 

Model Standstill Agreement may assist in COVID-19 time

Model standstill/tolling agreement available here.

Authors: Prof. Jonathan Lipson and Norman Powell
Published under the auspices of the Business Law Section of the American Bar Association (ABA)

Reported by Prof. Dr. Bob Wessels on his blog on 17 April 2020. Thank you Bob !
More information available here.


Global Responses To Limit The Economic Impact Of Covid-19 Pandemic

Information published on the Global Insolvency website available here.
 
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