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INSOL Europe news and offers
December 2019: Conference News & Updates

Dear Members

December, and the high season in Denmark for "hygge" (pronounced "hoo-gah"). Danish winters are long and dark, dismal and dreary, and so we Danes fight the darkness with the best weapon we have: hygge! We light candles and put up fairy lights. We make fires in our wood-burners. We toast our toes and toast in gløgg (mulled wine).

London was also all ablaze with Christmas lights when I attended the Financiers Group meeting in on 2 December. A well-attended and highly interesting event as you will see from the report in this newsletter. INSOL Europe is very happy to join forces with INSOL International on this recurring annual event for the financial and banking services sector.

Earlier on the same day, the Executive met with our brilliant Communications Manager, Paul Newson to kick-off the rebranding of INSOL Europe which we will be working on in the coming months. We look forward to presenting the new "face" of INSOL Europe at the annual conference in Sorrento in October 2020.

The registration brochure for the EECC conference in Kyiv, Ukraine, from 21-22 May 2020 will be out very soon. The conference bears the cliffhanger title "Tectonic changes in Ukrainian and international insolvency". Do reserve the dates in your diary! Come early, stay late, enjoy the debates and discussions and the beautiful Ukrainian capital. I will, for sure!

The winter edition of Eurofenix will be out in the beginning of the new year. Undoubtedly the new edition will prove to be yet another interesting read. I extend my gratitude and thanks to the Joint Chief Editors, Catherine Serra and Frank Heemann and the rest of the Editorial Board without whom it would not be possible to put together a publication of such high quality.

I wish all of you a merry Christmas. Try some Danish "hygge": light some candles, sit by the fireplace, spend time with your loved ones, watch a nice Christmassy movie (my favourite is "Love Actually"!), recharge your batteries. And you will be well prepared for an exciting new year – 2020!

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.

EECC 2020 Kyiv (Ukraine) - Registration opening soon!
Activist Stakeholders in London: Joint Financiers Group Seminar

Over 60 delegates from the financial and banking services sector met in London on the evening of 2nd December for the third joint INSOL International and INSOL Europe Financiers’ Group Panel session and reception.

Alastair Beveridge, immediate past-President of INSOL Europe welcomed the delegates and introduced the panel of top UK industry experts – Simon Baskerville, Latham & Watkins; David Beckett, SC Lowy; Martin Gudgeon, PJT Partners and Nick Ram, Lloyds Banking Group – chaired by Raquel Agnello QC (Erskine Chambers).



The panel reminded the audience that traditionally, companies were funded by loans from traditional banks. Only large, well-established corporations had access to the public debt markets. Corporate loans were syndicated to a limited number of commercial banks that held the debt until final maturity. The banks would monitor the borrower more intensively and the borrower would have had to negotiate with a limited number of banks in the event of stress. 

The rise of loan trading and the number of non-bank institutions in the credit markets made this approach obsolete. Loan trading has made restructuring processes more complex as the number of debt holders has increased and alternative investors can have a more aggressive negotiating stance than traditional banks. Loan trading has the potential to increase lender conflicts during negotiations as the incentives of par lenders are not the same as those of secondary market participants – a restructuring proposal may be acceptable to a lender that bought into the debt at below par, but unacceptable to a primary lender that provided the original loan at par.

The panel explained that in recent years the UK has seen innovative financing structures, such as the credit default swap (CDS) market, in which new stakeholders have created a changing dynamic in restructuring. CDSs are derivatives that behave like insurance contracts, protecting holders against the risk that a company does not repay its debts. The credit default swap market has created a whole new category of investors that stand to make more money on CDSs if a company defaults than they would if it repaid its debts. Other stakeholders, such as regulators, landlords and pension trustees, are becoming increasingly sophisticated and activist in their approach. The panel discussed the impact of these stakeholders on restructuring in an ever more dynamic and evolving market.

The session was brought to a close by Piya Mukherjee, current President of INSOL Europe, with the conclusion that financial restructurings in the UK are inherently complex and more challenging and a request for more people to get involved with the Financiers Group in order to enable this kind of forum to continue.

Find out more about the INSOL Europe Financiers Group on our website.

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: Recent Reforms to Insolvency Law in Serbia

In December 2017, and in June and December 2018, the Serbian legislator adopted the amendments to the Law on Insolvency. These were the fifth amendments to this Law since its entry into force in early 2010, but the third to this Law made since 2017. 

The purpose of the amendments presented by the legislator was to improve the provisions of the Law on Insolvency already in force, but also to introduce some new processes and to implement the provisions providing conditions for more adequate and better implementation of the existing legal processes, so as to more effectively carry out the insolvency procedure and improve creditor settlement. The most recent Amendments came into force on 9 December 2018 and the Amendments adopted in June 2018 on 1 January 2019. Djuro Djuric, PhD., Professor, College of Economics and Administration, Belgrade, Serbia; Visiting Researcher, University of Saarland, Germany, brings us the novelties of the new law. 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.

Latest Technical Series Publication now available

INSOL Europe offers a range of publications in our Technical Series, arising from events organised by the INSOL Europe Academic Forum and the Judicial Wing of INSOL Europe.

The publications from conferences contain papers delivered by speakers and panellists, as well as ancillary texts (draft laws and rules) debated at the conferences. The texts form a comprehensive report of the conferences and contain accounts of recent research in the insolvency field that are useful for both academics and practitioners. Members of INSOL Europe are entitled to one complimentary copy of all of the publications, on application, and are €20 each for non-members.

Order your copy of this or older publications on our website.

New name for INSOL Europe Wing focusing on Insolvency Tech

INSOL Europe is fully aware of the increasing relevance of new technologies in all practice areas in which our members are active. For this reason, a specialized working group was established in April 2019, which is now known as the Insolvency Tech & Digital Assets Wing. This wing is open to all INSOL Europe members with knowledge, expertise or just a solid interest in legal technology and digital assets. 


The wing’s tasks are to:

  • Study & develop legal framework for insolvency tech & digital assets;
  • Educate & train INSOL Europe members (conference panels; specialized conferences / seminars / meetings; regular contributions or even column in eurofenix decicated to insolvency tech & digital assets); and
  • Find new members for INSOL Europe (including new type of members from the insolvency tech industry)

For more information about this new Wing, visit the INSOL Europe website.

Emminent Professor joins Academic Forum board

INSOL Europe is pleased to announce that as of 1 January, 2020, the Board of its Academic Forum has been joined by Prof. Francisco Garcimartín.

Prof. Garcimartín is a Chair Professor of Private International Law at Universidad Autónoma de Madrid. He graduated in Law at the Universidad Autónoma de Madrid (1987) and earned his Ph.D. in Law at the aforementioned university (1991). His main fields of expertise are focused on international transactions, cross-border insolvency, international litigation as well as cross-border company law. He also works as a Consultant at Linklaters in Madrid.

He has published in most of the leading law journals on various aspects of private international law and cross-border transactions and he is co-author, with professor Miguel Virgós, of "The European Insolvency Regulation: Law and Practice," The Hague, Kluwer, 2004. He is also the author of the course “Cross-Border Listed Companies”, published in the Recueil de cours of The Hague Academy, vol. 328 (2007), pp. 1-171. He has represented the Spanish government as national expert in different international organizations, such as UNIDROIT, UNCITRAL, The Hague Conference or the Council of the European Union.

Prof. Garcimartín replaces Florian Bruder who has handed in his resignation at the end of 2019 after having served on the Board of the Academic Forum for many years, and whose services are gratefully acknowledged by INSOL Europe.

Prof. Garcimartín joins an internationally diverse Board comprising Tomáš Richter (Chair, The Czech Republic), Line Langkjaer (Secretary, Denmark), Prof. Jessica Schmidt (Germany), Jennifer Gant (UK/USA & Ireland), Luigi Lai (Italy and Poland), Prof. Rolef De Weijs (The Netherlands), and Gert-Jan Boon (The Netherlands).

For more information about the Academic Forum, visit the INSOL Europe website.

Forthcoming Events: Dates for your Diary

We are currently organising many different events for the forthcoming year ahead:

  • 21-22 May: EECC Annual Conference, Kyiv (Ukraine)
  • 11 June: INSOL Europe/INSOLAD Conference, The Netherlands
  • 25 & 26 June: INSOL Europe/DAV Insolvency Section Conference, Brussels
  • 14 July: INSOL Europe/R3 Seminar, United Kingdom
  • 30 September - 1 October: INSOL Europe Academic Forum Annual Conference, Sorrento (Italy)
  • 1-4 October: Annual Congress, Sorrento (Italy)
  • 27 October: INSOL Europe Anti-Fraud Forum/R3 Conference, London

For more information about these events, visit the INSOL Europe website.



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.