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INSOL Europe news and offers
June 2020: Association News & Updates

Dear Members

“Summertime, and the livin' is easy” as the song goes. Alas, not quite this year. While some countries are now starting to see confirmed cases and deaths related to COVID-19 fall following strict lockdown restrictions, others are still seeing figures rise. In Brazil, Mexico, India, South Africa and Colombia the cases or deaths have been on an upward trajectory in recent weeks. In other countries fears of a second wave are growing.

The social distancing measures have affected at least 4.5 billion people and have had a huge impact on the global economy. The International Monetary Fund are warning that the world faces the worst recession since the Great Depression of the 1930s. People are suffering – businesses are suffering.

Governments across the EU are discussing when and how to phase out the support packages set up to mitigate the devastating financial repercussions of social distancing measures on businesses. The expertise of the INSOL Europe membership will be needed to restructure viable businesses and to assist in discontinuing businesses that cannot be made viable in the long term.

In light of an expected surge of insolvencies, INSOL Europe is more relevant than ever. INSOL Europe provides a unique opportunity to share experiences across Europe and to find inspiration to tackle challenges to successful restructuring.

On 10 June 2020, the High-Level Forum on the Capital Markets Union adopted its final report which sets out a series of clear recommendations aimed at moving the EU’s capital markets forward. 

Amongst other things, the High-Level Forum invites the Commission to adopt a legislative proposal for minimum harmonisation of certain targeted elements of core non-bank corporate insolvency laws, including a definition of triggers for insolvency proceedings, harmonised rules for the ranking of claims (which comprises legal convergence on the position of secured creditors in insolvency), and further core elements such as avoidance actions.

INSOL Europe’s EU Study Group will be submitting feedback on the recommendation regarding insolvency.

On a weekly basis, throughout May and June INSOL Europe has sent web videos – COVID Coffee Breaks – in which Country Coordinators have given a snapshot of reforms to insolvency law enacted in their countries to counter the consequences of COVID-19 on businesses. More will follow in July!

The Technical Committee of the now cancelled Sorrento Annual Congress are working relentlessly behind the scenes to prepare a live webinar series in October on topics that will be highly relevant to the membership. Definitely a webinar series not to be missed!     

Warm regards from sunny Denmark.

Piya Mukherjee
President of INSOL Europe



Piya Mukherjee
President of
INSOL Europe


This issue is kindly sponsored by:


DLA Piper is a global law
firm with lawyers located
in more than 40 countries throughout the world.

COVID Coffee Breaks - Latest episodes published

Our 'COVID Coffee Breaks' are going well and we have continued to produce our weekly video whilst the majority of us are under some kind of lockdown. 

These short videos, in which two or three INSOL Europe Country Coordinators share personal experiences of the COVID-19 crisis in their countries, give highlights of reforms and challenges of national insolvency framework to address the current crisis. 

Adding to the videos published in May, we have now also published contributions from from:

  • Bulgaria, Hungary and Romania
  • Latvia, Lithuania and Estonia
  • Cyprus and Greece
  • Czech Republic, Poland and Slovakia

Watch the videos here

The COVID Coffee Breaks are free for all to view, so please do share the coming invitations with your colleagues and friends. Take a break, have a coffee and enjoy the COVID Coffee Break!

The COVID Coffee Breaks are brought to you in partnership with LexisNexis with whom INSOL Europe is honoured to collaborate on the COVID-19 tracker of insolvency reforms globally.

COVID-19 Tracker of Insolvency Reforms - More updates added

The tracker of global insolvency reforms produced by Lexis Nexis in partnership with INSOL Europe continues to expand and is available on our website.

We look at various countries which are expediting reforms to their restructuring and insolvency laws, temporarily suspending onerous insolvency law provisions, increasing limits for statutory demands, suspending enforcement powers and introducing other measures to deal with the COVID-19 crisis. 

As the situation is rapidly evolving with more countries adding new measures daily, you should contact local lawyers in the relevant jurisdiction to check the current measures in force.

Our thoughts are with our colleagues around the world impacted by COVID-19.

Membership Development Committee - We need you!

The INSOL Europe Membership Development Committee (MDC) has been established to stimulate the local visibility of INSOL Europe in each country, to increase our membership and facilitate the networking between INSOL Europe members.

In order to reach that goal, Country Coordinators have been appointed in several jurisdictions. Some of the Country Coordinators have already devised a country plan to find new members and to increase local networking opportunities.

The plans consist of networking events, meetings, seminars with academic content, articles etc. The plans that are in progress for some of the countries differ considerably, depending on the structure of the insolvency profession in that specific jurisdiction. 

We need to find the way to facilitate networking and increase the membership of INSOL Europe, that is most effective for each jurisdiction. Due to COVID-19 the meetings and events that the Country Coordinators planned for 2020 have been postponed, but we are sure that those activities will be planned as soon as it is possible. Furthermore, the MDC is still searching for several Country Coordinators. New INSOL Europe Council members, that will be elected for the reserved and non- reserved seats, will be asked to fulfill the position of Country Coordinator for their specific jurisdiction. 

If you are a member of INSOL Europe in a country without a Country Coordinator (for a list of Country Coordinators take a look at the website) and you have ideas of how to increase INSOL Europe membership and also how to organize effective local networking opportunities, feel free to contact the members of the MDC in your country or one of the co-chairs: Alice van der Schee, Radu Lucian Lotrean and Alberto Núñez-Lagos.

Special Offers for Members of INSOL Europe

We have arranged many special offers for our members, including exclusive discounts on publications and events as well as special rates for advertising in Eurofenix, our quarterly journal. These are often time limited and updated regularly on the Members Offers section of the website.

Offers are changed regularly and currently include:

  • 20% discount off selected titles from Oxford University Press
  • 10% discount off an individual subscription to Global Restructuring Review
  • A discounted 'Pro' profile on SpeakerHub
Read more


INSIDE Story: State of Alert and Insolvency Procedures in Romania

Due to the global Covid-19 pandemic, Romania declared a state of emergency, as of 16 March 2020, by Presidential Decree No. 195/2020 (Decree) for 30 days, which, on 15 April 2020 was extended by another 30 days.

At the same time as the Decree was enacted, the emergency authorities imposed “lockdowns”, including measures like closing non-essential businesses, limiting public gatherings and limiting people’s movements as well as monitoring the streets to ensure people remain inside. These measures have serious implications for the right to liberty, freedom of association and freedom of movement. In addition, many employees lost their jobs or their individual labour agreements were suspended due to technical unemployment; hotels are empty, flights are grounded, restaurants and other small businesses are closing.

Alina Valeanu and Andrei Zamfirescu, Senior Associates at bnt attorneys in CEE, Romania. report on how insolvency procedures are affected due to the ongoing crisis.. Read the full story and other articles here.

If you would like the opportunity to have your Inside Story published in a future edition, please email Communications Manager, Paul Newson for details.

Council Elections 2020 - Nominations now invited

This is the time of year when we consider retirements from and elections to our Council. 

Countries with 30 or more members are entitled to a reserved seat on Council and 
in October this year, vacancies will arise for the following seats: Germany, Italy, 
UK and Portugal.

Therefore, members from these countries will have received an email requesting nominations for candidates from their country. 

In the meantime, one non-reserved seat vacancy on Council (which may be occupied by any country) will also become available. 

To find out about the role of Council Members, please read the attached document.

If you have not yet received email notification of the election process, please contact Membership Manager Hannah Denney.

Mastering the media during Coronavirus

Sam MacAuslan of Project Associates has sent us this useful guide for dealing with the media in these unprecedented times.

Engaging with a hostile media is an unappealing prospect for a restructuring professional at any time, let alone during a global crisis that has shone an unflattering spotlight on corporate behaviour. As Covid-19 has swept the world, it has been followed by a wave of anxiety as employees worry whether they will have jobs to come back to once workplaces reopen. This in turn has led to increased media scrutiny for all employers, and particularly those facing an uncertain future. 

Those leading major restructuring processes during this period will need to tame the media beast, or run the risk that negative headlines turn into false narratives and eventually derail the process. Once news of job losses or insolvency moves from the business section of newspaper or website to the front page, the reputational consequences for creditors, partners, even restructuring professionals themselves, persist once the process is complete. In the past this would be a concern only in the most high-profile sectors, such as 2019’s administration and bankruptcy proceedings in the UK and US retail sectors. In the wave of restructuring to come, any perception of business failure is likely to be front page news. 

Job losses, plant closures and cost savings are not the stuff of good news stories. The restructuring process itself creates uncertainty and generates questions. By definition, those questions cannot be fully answered until the process reaches a conclusion. Employees want to know if they will keep their jobs, customers want to know how services will be affected. This should not, however, become an excuse for keeping silent entirely. Silence risks creating mistrust and undermining authority, which in turn allows other stakeholders to control the narrative. Read the full article on our website here.

ERA Webinar on Cross-Border Insolvency Proceedings, 8-10 July

ERA is one of the most established training providers on European law, and they have been committed to offering training on European law for more than 25 years. The organisation is partially funded by the European Union, and their courses attract legal practitioners from all over Europe from various professional groups and sectors.

This webinar (afternoon sessions) will cover:

  • Practical aspects of cross-border insolvency proceedings
  • How to apply the EU Insolvency Regulation
  • National insolvency laws and recent measures in the Coronavirus crisis
  • The new Directive on restructuring and insolvency and its impact
  • Set-off and netting
  • Brexit and insolvency

Further information can be found in the seminar programme.

Date for your diary: Joint Fraud Conference, 27 October 2020

We are pleased to announce that we will be holding a joint conference with R3 and the Fraud Advisory Panel in London on 27 October 2020 at the Chartered Accountants’ Hall (Moorgate Place), London. For updates on this event, please visit our website.

Please note, this event will take place on-line if we are not able to meet in person.

We welcome feedback, news and story ideas for future newsletters. 

Please send your suggestions to Paul Newson, Communications Manager,

INSOL Europe, PO Box 7149, Clifton, Nottingham. NG11 6WD. Tel: +44 115 8780584
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Disclaimer: This newsletter is sent to members of INSOL Europe. No responsibility legal or otherwise is accepted by INSOL Europe for any errors, omissions or otherwise. The opinions expressed in the articles that appear are not necessarily shared by any representative of INSOL Europe.