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INSOL Europe news and offers
November 2021

Dear Members

Welcome to the November edition of our e-Newsletter. 

During this current crisis, a key area where we have changed the way we deliver our services is, naturally, our events and training programme. Since the start of the pandemic, we have produced a substantial number of webinars and virtual events/panel discussions and as you receive this edition, many of you have no doubt attended INSOL Europe's Autumn Online Conference on 7 and 21 October 2021. Whilst nothing can substitute for the cancelled live events that we were all looking forward to, the virtual conference had a fantastic line up of speakers and industry experts yet again, providing in each case impressive insight and updates on the latest trends in insolvency and business turnaround. If you missed the second session, follow the link below in this newsletter to read Paul Omar’s and Myriam Mailly’s full report. 

Next up is our fantastic EECC Online Conference on 25 November 2021, headlined ‘A Wake-Up Call for Sleepy Companies’ and addressing, inter alia, the concerns about the growing number of zombie companies, a topic I recently addressed in my contribution to R3’s magazine Recovery. And whatever your plans may be for 1 December 2021, do not miss our Academic Forum’s next event and Prof. Christoph Thole’s online lecture ‘StaRUG: The New German Restructuring Law’. Last but by no mean least, our Young Members Group will continue to offer younger practitioners an opportunity to connect, this time in the form of a Beer & Chocolate Online Networking Event on 9 December 2021 instead of its traditional wine-tasting event.

The final step we take on our "return to normal" will be celebrating our organisation’s 40th anniversary at INSOL Europe’s Annual Congress in Dublin from 3–6 March 2022. Our programme is broad and diverse indeed, featuring fantastic panels and presentations that will bring you up to speed on the latest trends and developments in our rapidly changing profession and take you [back] to the future indeed. Registrations are open ( and I encourage you to join us.

You will also find in this newsletter an update on Serbia’s recently introduced law on digital assets, which are now recognised as assets in domestic insolvency proceedings. It is a fascinating read which I know you will enjoy.

Florica Sincu

Lastly, it is with great sadness that I report the passing of our dear friend Florica Sincu from an illness she had been suffering with for the last few years. Many of you may have known Florica as a joint editor of our quarterly magazine Eurofenix, a role she fulfilled with passion and dedication. But Florica was much more than that. She was an integral part of the INSOL Europe family over the last 25 years or more, always offering encouragement or a light-hearted comment to make one smile when a deadline loomed, always eager to offer young talent an opportunity to shine. Florica will certainly be missed and in this respect will be a very hard act to follow.

A full obituary will be included in the next edition of Eurofenix and our thoughts and prayers are with her daughter Ioana and her wider family at this difficult time.

Frank Tschentscher
President INSOL Europe




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.

EECC Online Conference: Only 1 week to go!

Set your alarm for our next EECC Online Conference:

A Wake-up Call for Sleepy Companies?

Next week! 16:25 CET, Thursday 25 November 2021 

We are excited to announce our Keynote Speaker and Panellists for our EECC online conference titled 'A wake-up call for sleepy companies?', which is taking place next week.

Keynote Speaker: Catherine Bridge-Zoller, EBRD 
Catherine Bridge Zoller is a Senior Counsel for restructuring and insolvency in the European Bank for Reconstruction and Development's Legal Transition Team, which aims to promote an investor-friendly, transparent and predictable legal environment in the EBRD’s countries of operations. In 2020 Catherine launched a major insolvency law assessment on restructuring tools across the 38 economies where the EBRD invests in response to the Covid-19 crisis, in partnership with the International Law Development Organization, INSOL Europe, INSOL International and UNCITRAL and in cooperation with the European Commission (

Technical Programme

Session 1: The growing army of zombie companies: Are we ready?
Panel Moderator: Roman-Knut Seger, BDO Restructuring GmbH, Germany
Panellists to include: Stela Ivanova, bnt Neupert Ivanova & Kolegi, Bulgaria;
Michal Barlowski, WardyƄski & Partners, Poland;
Ernst Giese, Giese & Partner, Czech Republic

Session 2: Turbulent times for the aviation industry. Temporarily or structural?
Panel Moderator: Omar Salah, Norton Rose Fulbright LLP, The Netherlands
Panellists to include: Marlies Raschke, Noerr Partnerschaftsgesellschaft mbB, Germany;
Ramona Faraianu, RTZ, Romania 

Further information
The latest updates will be posted on our website when available. If you have any queries in the meantime, please contact the Secretary to the EECC, Niculina Somlea.

Kindly sponsored by

INSOL Europe Academic Forum Online Lecture - Coming soon!

 Prof. Christoph Thole presents:

StaRUG: The New German Restructuring Law

1 December 2021, 16:00-17:20 CET

INSOL Europe's Academic Forum is excited to announce an online lecture by Professor Christoph Thole, on the topic of the new German law on restructuring, in particular the so-called "StaRUG", an act on the implementation of the Directive no. 2019/1023, which adds a completely new pre-insolvency proceeding to the German law.

Christoph Thole is a Professor of Law at the University of Cologne and Managing Director of the Institute for European and International Insolvency Law and the Institute for Procedural and Insolvency Law at the University of Cologne. His research focuses on insolvency and restructuring law as well as (international) civil procedure law, corporate law and tort law. He has written numerous publications on both national and international restructuring law such as a recent article on the new German “Stabilisation and Restructuring Framework for Businesses (to be found under

We look forward to seeing you online for this very topical lecture which is now only 2 weeks away!

Academic Forum Conference Dublin 2022: Call for Papers

Academic Forum Conference
Dublin 2022 - Call for papers

2 weeks until the submission deadline of 6 December 2021

The Academic Forum of INSOL Europe will be hosting its Annual Conference at the Clayton Hotel Burlington Road, 2-3 March 2022, immediately prior to INSOL Europe’s Annual Congress taking place in Dublin from 3-6 March 2022 (details and registration here).

Expressions of interest are invited for the delivery of papers within the overall conference theme, which will be: The Emerging New Landscape of European Restructuring and InsolvencySubmissions should be sent by email on or before 6 December 2021 to Line Langkjaer, the Academic Forum's Secretary, at:

A paper submission form relating to this call is available on the INSOL Europe website at

Proposals for papers will then be reviewed by the Academic Forum's Board and, on or around 10 January 2022, the Board will contact authors of those papers that will have been selected for presentation at the conference.

Further information about the INSOL Europe Academic Forum can be found here.


The Academic Forum is sponsored by Edwin Coe LLP



Annual Congress 2022 - Meet us in Dublin!

Reach out for a return to normality
with INSOL Europe's 'Back to the Future 2' Congress in Dublin, Ireland: 3-6 March 2022

Download the Congress brochure here

Our Annual Congress 2022 in Dublin promises to bring the INSOL Europe family back together again with an exceptional technical programme and fabulous networking opportunities from beginning to end. We have certainly been apart too long and with that in mind, our social programme will not disappoint, with much in store for our delegates and guests to enjoy during their stay. 

Together with the warmth and unique hospitality of our friends in Ireland, we look forward to welcoming you to sample all the excitement that a stay in Dublin has to offer. We therefore encourage you to secure your place as soon as possible! A limited number of bedrooms have been blocked at corporate rates for delegates, details of which can be found here.

Additional information can be found in the Congress brochure and on on our website. Please contact our Event Manager, Harriet Taylor who will be happy to assist with any queries.

With thanks to our Main Sponsor:


Benefits of INSOL Europe Membership

  • Discounted rates for our conferences and online events
  • Free access to our Web series – Coffee Breaks: Connecting Minds 2021
  • Free digital copies of publications in the INSOL Europe Technical Series including "The European Communication & Cooperation Guidelines for Cross-Border Insolvency."
  • Free copies of Eurofenix, INSOL Europe's popular quarterly journal
  • Discounted advertising rates for you and your business in Eurofenix
  • Opportunities to join working groups, write articles for our newsletters and website
  • Weekly emails with top European insolvency news items
  • Access to the INSOL Europe European Insolvency Regulation Case Register now hosted by LexisNexis
  • Access to a tracker of insolvency reforms globally produced by Lexis Nexis in partnership with INSOL Europe
  • Privileged website access to password protected members' areas which includes:
    • Glossaries of Terms relevant to insolvency laws of most European countries
    • A downloadable version of the Membership Database
    • Material from the Eastern European Countries' Committee
    • Current edition of Eurofenix in PDF format
    • Forthcoming papers by the Academic Forum
    • INSOL Europe's Financial Statements
  • Discounted rate for the INSOL International conferences
  • Discount of 25% off INSOL International’s Foundation Certificate in International Insolvency Law
  • Free copies of INSOL International's quarterly newsletter, "INSOL World", together with their annual Membership Directory and technical releases.
Visit our website for more details or contact Hannah Denney.


INSIDE Story: New laws on Digital Assets in Serbia

As from 21 June 2021, the first regulation on digital assets has entered into force in Serbia. In this way, Serbia became one of the fintech countries where a complete legal framework for digital assets is available. Moreover, it provides an attractive business environment and legal security for investors. The Law on Digital Assets (LDA) regulates the issuing of digital assets and secondary trading of digital assets in the Republic of Serbia. 

It also prescribes the provision of services related to digital assets, liens and fiduciary rights over digital assets, the competences of the Securities Commission and the National Bank of Serbia, as well as supervision of the implementation of the law. Furthermore, this is the first regulation introducing the fiduciary as a security instrument in the Serbian legal system. As for insolvency law, the new regulation acknowledges digital assets as enforceable assets and status of both secured and pledge creditors. The notion of digital assets comprehends virtual assets and digital tokens. Finally, the new regulation regulates the status of the digital assets if a debtor enters insolvency proceedings.

Read the full story here by by Djuro Djuric, PhD., Associate Professor, College of Economics and Administration, Belgrade, Serbia.

Autumn Online Conference Report 2: Cooperation, Innovation & Agility

The second part of the Main Conference on the theme of “Back to the Future” took place on 21 October 2021. The whole conference was sponsored by NetBid and facilitated by Carmel King (Grant Thornton, UK / Co-Chair of the INSOL Europe Anti-Fraud Forum) who reminded the audience that ‘cooperation’, ‘innovation’ and ‘agility’ would lead again amongst the themes of the conference today.

After a reminder that challenges are expected soon with the recovery phase, Frank Tschentscher (Deloitte, Germany / INSOL Europe President) introduced the keynote speaker, Austin Hughes, Chief Economist for KBC for more than 25 years, having previously worked in the Department of Finance, Central Bank and Bord Fáilte. His main focus was on issues affecting the Irish and European economies. In this keynote speech, Austin first noted that there was no precedent to the health crisis and that uncertainties remain as to the number of years necessary for recovery of the economic system (like the 2017/2018 economic crisis). Using a metaphor that the economy was put into a coma situation with a quick reference to current economic signals, the key question was what would happen in the future? According to Austin, the question remains open, while there is no doubt that the number of financially distressed companies will increase with no visible difference between those that will be viable or not.

The first panel focused on views from a notable list of speakers. Jason Schiess (NetBid, Germany) shared with the audience his business valuation insight in the post pandemic economy. Even if Jason agreed with what was said earlier by Austin Hughes, he also mentioned that business chains effect will continue, as illustrated by the number of petitions submitted recently by a number of suppliers in Germany. Patrizia Riva (Studio Riva, Italy) and Michael Weaver (Duff & Phelps, London) were then invited to share with the audience the top factors affecting the valuation markets currently in their own jurisdictions.

The second panel chaired by Robert Peldan (Borenius, Finland / Co-Chair of the INSOL Europe Young Members Group) then focused on what might be the future of the professions in the field, the discussion being led by members of the INSOL Europe Young Members Group who explored the future of restructuring and insolvency professions. In this panel, Stéphanie Oneyser (Walder Wyss, Switzerland) shared the view that pre-pack deals are supported by the Swiss courts when the conditions are met, even if these are not the suitable solution for all debtors. No new restructuring tools have been introduced in the last few years so only traditional tools are available. Moreover, in respect of the Covid position, government offers of guarantees for some business loans resulted in their not appearing on the balance sheet and thus not able to avail of qualified status in ‘insolvency’.

In conclusion, Carmel King closed the conference with a reminder of event planning for 2022 and a special mention for the Dublin Congress in March.

Read a full report of the session by Paul Omar and Myriam Mailly here.

Kindly Sponsored by 

Richard Turton Award 2021 Competition - Deadline Approaching Soon!

Richard Turton had a unique role in the formation and management of INSOL Europe,
INSOL International, the English Insolvency Practitioners Association and R3, the Association of Business Recovery Professionals in the UK. In recognition of his achievements, these four organisations jointly created an award in memory of Richard. 
This award for the best paper will be presented at the INSOL Europe Congress in Dublin, 3-6 March 2022.

The deadline for entries into this year's competition is 1 December 2021.

Full details and how to enter can be found on our website.

Dates for your Diary - More Events Coming Soon!

As well as the events listed above, we have more exciting online and live events planned for the forthcoming months including:

  • Young Members Group Beer & Chocolate Networking Online Event: 9 December 2021 - Very limited numbers!
  • Joint Fraud Conference, London: Spring 2022 (to be confirmed)
  • High-Level Insolvency Course: Autumn 2022 (to be confirmed)

Please visit our website for full details of all these events when available.

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
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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.