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May 2026
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Greetings Friends and Colleagues!
It has been a busy period since my last publication for INSOL Europe, with attendance in May at the UK's R3 conference in Budapest, which was a very interesting mix of hardcore insolvency and soft skills as well as the thread of "Class of 2026" sessions with older professionals being interviewed by less experienced colleagues. I am delighted to see my friend (and competitor!) Sonia Jordan from Knights as R3's new President. Three female presidents in the UK including Sonia and myself, are completed with Louise Brittain of Azets (a faithful INSOL Europe sponsor) taking over as President of the UK's Insolvency Practitioners Association. No one mention Macbeth please!
If my last column argued that restructuring has become the discipline of corporate survival, recent data suggests the position is evolving further. Across Europe, insolvency levels remain elevated - Germany, for example, recorded over 24,000 corporate insolvencies last year, a 10% increase year on year, while the UK continues to see company insolvencies tracking well above pre pandemic levels, with monthly figures consistently exceeding 2,000. Against that backdrop, the pipeline of restructurings shows little sign of easing as we move through 2026. The world situation gets no easier.
But I think the more interesting shift is qualitative rather than numerical. Many businesses have now moved beyond immediate stabilisation. Liquidity has been extended, covenant resets agreed, and cost bases adjusted. Yet a second phase is now making itself evident - one in which stakeholders are looking beyond survival to actual positive performance. Lenders are increasingly focused on delivery against forecast. Investors are showing reduced tolerance for underperformance. Maybe margins are harder to find where businesses have been flipped several times. In short, time bought must now be used effectively.
This is where restructuring becomes less event-driven and much more disciplined.
Execution - often the least-trumpeted part of the process, occurring as it must, after the initial news of a process or restructure or refinance - is now the firm focus. Market experience is beginning to show a divergence between those businesses able to effectively translate restructuring plans into real operational improvement, and those that return, sometimes quickly, to renewed distress. Newer investors are learning their trade. There is a limit to the magic money tree.
The distinction now may lie less in access to tools, and more in the ability to implement change under sustained pressure.
At the same time, European frameworks continue to mature. With harmonisation measures now moving into their implementation phase, attention is turning to how procedures perform in practice - particularly in supporting delivery, governance and accountability.
So perhaps the next proposition is this: resilience may win time, but in a higher pressure and less forgiving market, execution is what the paymasters will ultimately measure. And that, as ever, is where our profession proves its worth.
I hope you will all book our Annual Congress in Vilamoura as soon as you are able – see below for further information. The technical committee is narrowing down and merging 71 proposals for sessions so interest is high and Vilamoura is a nice place to meet our colleagues. With that I wish you all a good summer and continued success in your endeavours.
Frances Coulson
President, INSOL Europe
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Frances Coulson
President of
INSOL Europe
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This issue is kindly
sponsored by:

DLA Piper is a global law
firm with lawyers located
in more than 40 countries
throughout the world.
www.dlapiper.com
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| Academic Conference 2026: Call for Papers - Deadline closing soon! |
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Last chance to submit your paper!
The Academic Forum of INSOL Europe will be hosting its 22nd Annual Conference in Vilamoura, Portugal, on Wednesday 14 – Thursday 15 October 2026, immediately prior to INSOL Europe's Annual Congress which takes place in Vilamoura from 15-18 October 2026. Expressions of interest are invited for the delivery of research papers and a presentation within the overall Academic Conference theme:
“New horizons:
Insolvency III, winding-up of insolvent EU Inc. and beyond”
The Academic Forum encourages submissions on all relevant topics touching on the theme, dealing with substantive, procedural, or theoretical topics, with a preference for comparative, multi-jurisdictional, and cross-border topics that will appeal to a mixed European audience.
Expressions of interest in delivering papers within the conference theme should indicated via the online submission form by 31 May 2026.
Full details of the submission process can be found here.
The Academic Forum is pleased to acknowledge the generous sponsorship
of Edwin Coe LLP and their ongoing support of our activities

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| Annual Congress 2026, Vilamoura - Now Open for Registration! |
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INSOL Europe 45th Annual Congress
15-18 October 2026, Vilamoura, Portugal
Tivoli Marina Vilamoura Hotel
Members Benefit: Pre-Registration
Register Here / Book Your Room Here
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Follow the tide or surf the wave: Stay afloat in a fragmented world
The waters are shifting. Geopolitical storms, regulatory headwinds and fragmented national frameworks are testing the resilience of businesses and professionals alike. For restructuring and insolvency professionals, the question is no longer whether the landscape will change, but how to respond. Do you follow the tide, adapting steadily to what comes your way? Or do you surf the wave, seizing the momentum of change to forge new ground?
This is the challenge INSOL Europe invites you to explore at its 45th Annual Congress in Vilamoura, Portugal, from 15 to 18 October 2026, where our community will gather to navigate, together, a world in fragments. The wave is coming. Will you ride it?
The Navigators Charting Our Course
The 45th Annual Congress will be shaped by an outstanding Technical Committee, bringing together leading professionals from across Europe, co-chaired by David Sequeira Dinis (Uria Menéndez, Portugal) and Noor Zetteler (Wijn en Stael, The Netherlands). Their exceptional crew comprises: Frances Coulson (Wedlake Bell, United Kingdom), Nuno Líbano Monteiro (PLMJ, Portugal), Eduardo Peixoto Gomes (Abreu Advogados, Portugal), Alice van der Schee (Van Benthem & Keulen, The Netherlands) and Louis Verstraeten (Monard Law, Belgium).
Together, they are working with great care to build a programme worthy of both the occasion and the setting. We received 71 proposals for the Vilamoura Congress, a record level of interest that reflects the vitality and relevance of our community. The Technical Committee is carefully reviewing every single one of them, ensuring that each proposal receives the consideration it deserves.
The Committee expects to complete its review soon, and the technical programme will be announced shortly thereafter. The crew is assembled. The course is being set.
Vilamoura: Where Europe Meets the Atlantic
Perched on the sun-drenched coastline of the Algarve, in the southernmost reaches of continental Europe, Vilamoura is a place where history, nature and modernity meet in the most elegant of ways. It is here, at the Tivoli Marina Vilamoura Hotel, that the journey begins, a place where bold navigators have always set their course, and where this October, the tide will bring our community together.
The tide is already turning. Set your course for October!
Thanks to our Congress Main Sponsor

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| Update on National Insolvency Statistics: Iceland |
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Insolvency cases in Iceland have generally seen a downward trend over the last five years, except for the year 2023, which was especially hard on the tourism industry and companies working in construction. Geir Gestsson (Partner, Jonsson & Hall Law Firm and INSOL Europe Country Coordinator) and Bryndis Kristjansdottir (Associate, Jonsson & Hall Law Firm) report.
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Statistics Iceland gathers statistics on corporate insolvency and has from 2021 published numbers for each month of the year. In 2021, 951 companies were declared bankrupt in Iceland and of those companies, 210 had been operationally active in the preceding year. That is a 44% decrease from 2020 when they were 375. The next year, 2022, 383 companies were declared bankrupt with 148 which had been active in the previous year, which is a 29% decrease.
A significant increase in insolvency cases occurred in 2023 when 1.222 companies were declared bankrupt. Of those cases, 406 companies had been active in the previous year, 165% more than in 2022. The number of companies entering insolvency in the construction, retail and repair sectors was three times higher than the previous year. In the tourism sector companies entering insolvency had increased by 155% compared to the previous year.
The number of insolvency cases decreased by approximately 30% in 2024 in comparison to the previous year. A total of 851 companies were declared bankrupt in 2024. Most companies worked in construction and tourism.
Numbers regarding insolvency cases in 2025 are yet to be published. In the first quarter of 2025, 286 companies were declared bankrupt, which is a 20% decrease compared to the same period the year before. In the second quarter, 300 companies were declared bankrupt, which is a 74% increase compared to the same period the year before. In the third quarter, 113 companies were declared bankrupt, which is also a 74% increase compared to the same period the year before. Numbers from the fourth quarter are not yet published.
This and other insolvency statistics updates are published on our website here
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| INSIDE Story: The Case for Reform in Estonia |
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The Estonian Insolvency Service (Maksejõuetuse teenistus) concluded its third year of operation in 2025, and the data gathered during that period paints a sobering yet instructive picture of the challenges facing insolvency governance in a small, open-market economy.
This Inside Story by Signe Viimsalu, Head of the Estonian Insolvency Service summarises the principal findings of their 2025 Annual Report, presented to the Minister of Justice and Digital Affairs on 21 April 2026, and reflects upon the wider structural questions that our experience raises for practitioners and policymakers across Europe.
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Read this and other Inside Stories on our website here.
If you have an Inside Story to tell from your jurisdiction, please email paulnewson@insol-europe.org for further information and contribution guidelines.
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Reasons to renew your Membership in 2026
- Get DISCOUNTED RATES for our flagship Annual Congress, Academic Conference, Eastern European Conference and joint events.
- Become part of our unique and RENOWNED COMMUNITY where you will have opportunities to network with over 1350 members from 50 countries.
- Access our MEMBERSHIP DIRECTORY where you can search for fellow members by name, jurisdiction, profession and expertise.
- Get in touch with your Council member or COUNTRY CO-ORDINATOR to make deeper connections within and outside your own country.
- Leverage your network by joining our ever-growing LinkedIn COMMUNITY, with over 5,300 members across the professions
- Automatically become a member of INSOL International and get their full member benefits.
- Enjoy a free subscription our monthly newsletter and to EUROFENIX, INSOL Europe’s popular quarterly 48-page journal, to which you can also contribute an article.
- Free access to our huge TECHNICAL RESOURCES library.
- Opportunity to propose topics and speak at events.
- GET INVOLVED on projects that affect your particular industry in one of our many working groups or committees or EU projects.
- INSOL Europe has a STRONG RELATIONSHIP with EU officials and representatives of inter-governmental organisations.
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Visit our website for more details or contact Hannah Denney.
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| Papers from the Vienna Academic Conference Published |
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“When West Meets East: Bridging Europe's Insolvency Regimes”
This volume comprises selected papers presented at the INSOL Europe Academic Forum Conference and at the YANIL workshop in Vienna. The chapters herein detail the key discussions of the event and offer further insight into the evolving regulatory debate on insolvency law in the European Union.
The contributions in this volume illustrate both the increasing complexity of contemporary insolvency law and its evolving role as a framework for mediating between private ordering, public interests and global economic integration.
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The book is published online and is available as a free download for members.
Visit our website here to download this and our previous publications.
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| New Chairs for the INSOL Europe Financiers Group |
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We are pleased to announce that the INSOL Europe Financiers Group has a new
Co-Chair, Flavia Pezzetta (France), alongside Florian Joseph (Germany).

The INSOL Europe Financiers Group includes representatives from financial institutions and debt providers i.e. commercial banks, non-bank financial institutions, multilateral development banks, international financial institutions, bondholders, private credit providers, equity investors, fund managers, and insurance providers.
Qualifying members of the INSOL Europe Financiers Group benefit from discounted rates for membership and events and can connect with other Financiers, build their network for collaboration and cooperation, and engage in confidential meetings throughout the year.
For more information about the Financiers Group, visit our website here.
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| Richard Turton Award 2026: Last chance to enter! |
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Application deadline: 5 June 2026
Richard Turton had a unique role in the formation and management of INSOL Europe,
INSOL International, the IPA (English Insolvency Practitioners Association) and R3 (Association of Business Recovery Professionals in the UK). In recognition of his achievements, these four organisations jointly created an award in memory of Richard.
The 2026 competition is now open for anyone who is a national of a developing or emerging nation; works in or studies insolvency and restructuring law and practice and is under 35 years of age. The successful applicant will be asked to write a paper of 3,000 words on a subject of insolvency or turnaround agreed with the panel. This paper will be published in summary in one or more of the four Member Associations' journals and in full on their websites.
The winner will be invited to attend the INSOL Europe Annual Congress in Vilamoura, Portugal, 14-18 October 2026, expenses paid. Applications deadline: 5 June 2026.
In the words of Dorjana Xhamaqi, winner in 2025: “The Richard Turton Award will always remain one of the moments that changed my path - a shining moment in my career - and also a promise I make to myself to continue working with passion, to never lose my sense of humanity and to never forget that a true professional is measured by the positive impact they leave behind.”
For more information and to apply, visit the Richard Turton Award page here.
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| Forthcoming events in June - last chance to register! |
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Join us for the 20th annual R3 & INSOL Europe Conference on cross-border restructuring and insolvency, returning to London on 4 June 2026. The conference will be held at the sumptuous No.11 Cavendish Square, located only a short distance from Oxford Circus.
The in-person one-day conference is aimed at all restructuring and insolvency professionals with an interest in cross-border matters. This conference is aimed not only at UK and other European lawyers and insolvency practitioners but at all professionals interested in cross-border restructuring and insolvency, including financial advisers, lenders, distressed asset investors, judges and academics.
The conference programme is designed to bring together practitioners from across the memberships and beyond to share experiences and debate topical cross-border issues. Sessions will cover the latest insights, direct from top practitioner experts in the field.
Programme to be announced soon. CPD Points: 5
Registration is via the R3 website.
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We are pleased to announce the 14th European Insolvency & Restructuring Congress, taking place on 25–26 June 2026 in Brussels, Belgium.
Hosted by the German Bar Association’s Section on Insolvency and Restructuring Law (AGIS), this high-level conference at the Stanhope Hotel will bring together leading practitioners, academics and policymakers from across Europe to discuss key developments and future trends in insolvency and restructuring law.
The programme features expert panels and interactive workshops on topics such as the harmonisation of European insolvency frameworks, cross-border restructuring tools and the evolving role of stakeholders in restructuring proceedings. A particular highlight is the dedicated “DigitalFriday” programme, which focuses on the growing importance of digital assets and IT systems in insolvency, including valuation challenges, data protection and the practical handling of complex digital infrastructures.
In addition to the technical programme, the congress offers valuable networking opportunities, including an evening reception hosted by DAV Belgium and the “Goal and Grill” dinner, providing a relaxed setting for informal exchange among participants.
Download the conference brochure here, and register your place here.
The conference will take place exclusively in person and in English.
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Thanks to our General Sponsors
Please contact Hannah Denney for sponsorship opportunities.
We welcome feedback, news and story ideas for future newsletters.
Please send your suggestions to Paul Newson, email: paulnewson@insol-europe.org
Follow us on LinkedIn and join the conversation!
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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. |
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