We are pleased to announce that Dr. Professor Jessica Schmidt LL.M has accepted to be our new Academic Forum Chair, taking over from Professor Rodrigo Rodriguez, whom we thank sincerely for his excellent service in the role to date. 

Prof. Schmidt holds the Chair of Civil Law, German, European and International Company and Capital Markets Law at the University of Bayreuth. In addition, she is director of the Research Institute Companies, Capital Markets & Taxes (CoCapT) at the University of Bayreuth.

Her expertise in company and capital markets law is complemented by significant engagement with insolvency law, particularly in the context of corporate restructuring and creditor protection in European and national regulatory frameworks. 

Prof. Schmidt has provided expert advice to legislative bodies and policy institutions at national and European levels. She has served in expert groups for the German Federal Ministry of Justice on major corporate law reforms and, since 2019, as a member of the European Commission’s Informal Expert Group on Company Law and Corporate Governance (ICLEG).

The 2026 Academic Forum Annual Conference will be in Vilamoura, 13-14 October, immediately preceding the main Annual Congress. We will be forming the Technical Committee for the Conference soon and will be inviting members to submit proposals in the new year. Watch this space!

Harmonising certain aspects of insolvency law
The European Parliament and the Council (the co-legislators) reached a political agreement on the proposal for a Directive harmonising certain aspects of insolvency law on 19 November 2025. The final compromise text was confirmed by the Council and circulated to the European Parliament on 5 December 2025. The Committee on Legal Affairs (JURI) of the European Parliament approved the final compromise text on 11 December 2025.

If the European Parliament in plenary adopts its position at first reading without any amendments, the Council will subsequently approve it, and the directive will be formally adopted. The plenary sitting for the first reading is provisionally scheduled to take place on 9 March 2026. The final compromise text is published here.

The 28th Regime: a new legal framework for innovative companies
On 11 December 2025, with 18 votes in favour, 4 against and 1 abstention, the Committee on Legal Affairs (JURI) of the European Parliament approved series of recommendations for an upcoming Commission proposal on a new legal framework to support innovative companies, known as the “28th corporate regime".

SMEs, start-ups, and scale-ups in the EU face fragmented and complex regulatory frameworks, which hinder financing, scaling, and global competitiveness. Current EU corporate forms are insufficient for these companies, creating a need for a simplified, harmonised legal framework that ensures clarity, legal certainty, and cross-border recognition. Such a framework would facilitate access to capital, talent, and markets, support innovation, prevent premature foreign acquisitions, and promote long-term growth. Strengthening predictability and harmonisation across Member States is essential for the EU to remain a competitive and sustainable environment for entrepreneurship and innovation.

The European Parliament stresses that Member States should not be allowed to maintain or introduce, in their national law, provisions which diverge from those laid down in the legal act on the 28th regime. A regulation is preferred but a maximum harmonisation directive could serve in order to achieve the objectives of the 28th regime.

The European Parliament proposes the Societas Europaea Unificata (S.EU) as a unified corporate form for non-listed limited liability companies, integrated into national corporate frameworks. S.EUs must comply with EU and national labour, social, and insolvency laws, including employee participation and protections in insolvency proceedings. Company formation and administration should be fully digital, simple, and completed within 48 hours, supported by a Union-level digital portal and integrated with the European business wallet to facilitate cross-border operations. Registration should be open to all EU-established entities, accommodate diverse business models, and allow S.EUs to operate as single entities or within corporate groups.

The 28th regime (S.EU) should provide legal clarity and harmonised rules to facilitate cross-border investment by European and foreign investors. Standardised multilingual model documents for shareholder agreements, articles of association, and operational templates should be available across the EU, monitored via the Union-level digital portal, while allowing flexibility for specific business needs. Harmonised rules on equity-like debt instruments, including associated insolvency rules, should enable investment without granting control, and access to diverse financing - including venture capital, equity, social impact funds, and public investments - should be ensured, alongside support for research collaboration and knowledge transfer.

The European Parliament requests that the Commission submit a directive proposal by Q1 2026.

The data from AJPES (Agency of the Republic of Slovenia for Public Legal Records and Related Services) reveals significant fluctuations in the number of corporate insolvency proceedings initiated between 2012 and 2024, writes Lana K. Gotvan (University of Ljubljana, Slovenia).

The highest number of winding-up proceedings (sl. stečaji) was recorded in 2014, with 1,302 proceedings. After this, the number generally declined, reaching a low of 781 in 2023, before rising again to 895 in 2024. In the first nine months of 2025, 662 winding-up proceedings were recorded. 

The overall proportion of insolvent companies relative to the total number of companies in Slovenia peaked in 2014 at 2.05 % but consistently decreased to 1.09% by 2023, then increased to 1.23% in 2024. 

One of the critical issues in Slovenia is the high prevalence of “no asset” cases (sl. “prazni stečaji”), as approximately 80% of all winding-up proceedings conclude without any distribution of the estate to creditors. This trend has been worsening since 2012, with the share of “no-asset” steadily increasing. Judicial data for 2024 confirm this pattern, reporting that 76% of all cases were “no-asset” cases. Furthermore, 86% of compulsory liquidation proceedings were either withdrawn or discontinued, and of the remaining completed cases, none resulted in creditor repayment, which highlights severe deficiencies in the recovery mechanisms for creditors. 

Further, the data underscores a fundamental shift in the party that initiates insolvency proceedings in Slovenia. On average, creditors initiated 26 % of insolvency proceedings between 2008 and 2020. However, this percentage rose sharply from 10% in 2010 to 40% in 2019. More recent data from the Slovenian Ministry of Justice indicate that, over the last two years, creditors have become the principal initiators of insolvency proceedings, as they prefer not to rely on debtor management to fulfil their duties to file. 

The average bankruptcy estate in Slovenia amounts to €87,884, but the median is significantly lower at only €3,434.5, which is roughly equivalent to the advance payment required to initiate the procedure. Even in the subset of proceedings where the estate was distributed, the median estate value remains low at €91,000, and the median cost of the proceedings accounts for 42% of the estate value. The average cost of a winding-up proceeding in Slovenia is €25,655, while the median cost remains low at €3,435. Thus, while a few cases involve extensive estates and high costs, the vast majority of cases involve minimal assets relative to the expenses incurred.

Statistical analysis of creditor recovery rates in Slovenian winding-up proceedings between 2008 and 2020 shows that the average recovery rate for all creditors is a meagre 4.4%. This figure drops to 0% when considering the median recovery. Even in cases which include at least some assets, the median recovery rate for all creditors is only 9.83%. Recovery rates vary considerably by claimant class and unsecured creditors face the poorest outcomes, averaging just 2.23% recovery in all proceedings and a median recovery of 0%. 

Further details can be read here.

As we look ahead to 2026, we are already working on our next series of high-profile events, presenting many opportunities for businesses, industries, and professionals to connect, innovate, and grow.

The year will offer numerous occasions for networking, thought leadership, and market expansion. Here’s a preview of the key INSOL Europe events that will drive business opportunities and shape trends in 2026.

• INSOL Europe & Reseau Cap Seminar, Brussels, 6 March 2026
• R3 & INSOL Europe International Restructuring Conference, 4 June 2026
• EECC Conference, Limassol, Cyprus, 25 June 2026
• 12 October 2026, YANIL Workshop, Vilamoura, Portugal
• 13-14 October 2026, Academic Forum Conference, Vilamoura, Portugal
• 15-18 October 2026, Annual Congress, Vilamoura, Portugal

Visit our website for more events to be added as they are confirmed.