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Dear Members
I assume that most of you are enjoying some kind of summer break from work, as I am. We all need to re-charge our batteries before the busy period ahead. So I will keep this introduction short and get straight onto this month's newsletter.
As you know, we’re working on our new 2025 – 2030 strategic plan. A new question in our background work for the strategic plan has been launched. I kindly urge you to answer - it will only take 1 minute of your time but the feedback will be invaluable. The first stage of our new strategic plan will be launched at our Annual Congress in Sorrento.
Over 380 delegates have registered, and the conference looks like it will be another smash hit. The program is full of content, and you must take advantage of the fantastic views, the sun, and the sea of Sorrento. You may feel the atmosphere in the beautiful song “Caruso” by Lucio Dalla, available on YouTube here.
If you still need to register, you should book now to avoid disappointment!
The Annual Congress is also when new opportunities arise on Council, as current members retire or end their tenure. Please see the link below and make your vote for the seats available to members from your country. Other changes occur at the Annual Congress and we will update you on some of those nearer the time.
As per this newsletter, you may find national insolvency statistics, this time from Switzerland. Our Inside Story features the Western Balkans, and we introduce our members to the Judicial Wing.
With the Summer edition of Eurofenix now published too, there is plenty of in-depth reading material to keep you entertained on a long flight or sandy beach... wherever you may be!
Buone vacanze e… a Sorrento!
Giorgio Corno
President, INSOL Europe
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Giorgio Corno
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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Member Survey: Networking Opportunities |

Click Here to take part in our 1-minute survey!
As part of our ongoing research to shape our goals and strategy for the coming years, we will be asking our members a few brief questions each month on various topics.
This month our question is: Alongside existing benefits, what specific initiatives or services would you like to see INSOL Europe offer to its members to enhance their professional development and networking opportunities?
The survey takes just one minute, but your feedback can make a significant difference. Please click the link above to share your thoughts!
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INSOL Europe Council Elections - Voting now open! |

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If you have not already cast your vote in our elections for the vacant seats on Council, please do so by 10 September.
There are three vacant seats on Council this year. There is a seat for Spain, and one for Luxembourg, which is a new seat as they now have over 30 members. There is also a non-reserved seat vacancy which can be filled by any member.
Full information including CVs of all the candidates is on our website, for follow this link for a direct link to the vote. Please note, this will give you different options depending on which country you are from, and will show only the votes available to you.
The deadline for voting is 10 September 2024.
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R3 & INSOL Europe Join up in London for the 18th time |
This illustrious joint international restructuring conference returned to London for the 18th occasion since the collaboration between R3 and INSOL Europe began in 2003, writes Paul Newson, INSOL Europe CEO.
The day began with quick introductions from the Conference Chair, our member Sebastiaan van den Berg (RESOR, The Netherlands) and Presidents of the associations jointly responsible for the event, Giorgio Corno (INSOL Europe, Italy) and Tim Cooper (R3, UK).
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Following the well-established programme, the first session featured case law updates from Henry Phillips and Richard Fisher KC (Barristers, South Square London), who ran through the main points of the recent BHS case and discussed the question of fiduciary duty and miscreant trading vs wrongful trading. They also looked at the UNCITRAL Model Law in the context of recent multi-jurisdictional insolvencies, including famous crypto cases such as Three Arrows (BVI) and FTX (Bahamas). With regard to proprietary claims, directors’ sanctions and parallel proceedings, they thought things are working well in the UK, but not so well in the EU.
The next panel discussion picked up on this theme and featured cross-border restructuring experts Giorgio Corno (Studio Corno, Italy), Lindsay Hingston & Marvin Knapp (Freshfields Bruckhaus Deringer, UK) and our member Professor Omar Salah (Tilburg University, Netherlands), who discussed the growing trend in multi-process restructurings. Giorgio Corno observed that EU legislation requires minimum standards, not hormanisation as such, whilst Martin Knapp made the observation that, in terms of regulation and harmonisation, we are beginning to speak the same language across the EU, but with different accents.
The final session of the day was the hotly anticipated appearance by our Judicial Wing member Lord Justice Snowden, who spoke from his vast experience on how to successfully get jurisdiction for international cases in the UK, emphasising the need for judges to talk to each other more to find common ground, adding that, in his opinion, they could reference the UNCITRAL Model Law more than they are doing currently.
A full report can be found in the new edition of Eurofenix and in our News section.
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Renew your Membership and enjoy these Benefits
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Visit our website for more details or contact Hannah Denney.
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National Insolvency Statistics Update: Switzerland |
Antonia Mottironi (Partner, Ardenter Law and Bsc. HEC Lausanne) has shared with us the recent statistics published in Switzerland on restructuring proceedings and bankruptcy proceedings.
“Bankruptcies rose for the third year running: a first in the current time series”. This is the headline of the press release of the Federal Office of Statistics on the figures on debt collection and bankruptcy for 2023, published on 9 April 2024.
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15,447 bankruptcy proceedings were opened in 2023, which represents an increase of 2.9% compared with 2022. In the same period, financial losses due to bankruptcy returned to their long-term average, with financial losses of CHF 2 billion. Meanwhile, the number of orders to pay reached a near-record level.
You can find further information in German, French and Italian in the FOS press releases.
Further statistics from Switzerland and other jurisdictions can be found on our website here.
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INSIDE Story: Sisyphean Struggle in the Western Balkans |
The Myth of Sisyphus (French: Le mythe de Sisyphe) is a 1942 philosophical essay by Albert Camus. Influenced by philosophers such as Søren Kierkegaard, Arthur Schopenhauer, and Friedrich Nietzsche, Camus introduces his philosophy of the absurd.
Camus compares the absurdity of man’s life with the situation of Sisyphus, a figure of Greek mythology who was condemned to repeat forever the same meaningless task of pushing a boulder up a mountain, only to see it roll down again just as it nears the top.
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The Western Balkan countries remain one of the last countries on the list in Europe without any consumer bankruptcy legislation. Despite numerous attempts at changing this situation in the last decade, one can hardly see a difference between Sisyphus rolling up his boulder and the governments in the Western Balkans that keep trying to implement consumer bankruptcy law through various mechanisms, yet have consistently fail to succeed. In the meantime, the enforcement system remains the only available solution for debt repayment, leaving citizens facing over-indebtedness without any solution.
Read the full story of 'The Sisyphean struggle of introducing Consumer Bankruptcy Law in the Western Balkans: The Cases of Montenegro and North Macedonia' by Marinela Majnova, Ph.D. Candidate, School of Economics and Business, University of Ljubljana, Slovenia here.
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Introducing our Working Group: Judicial Wing |
The Judicial Wing was founded in 2006 in Bucharest during INSOL Europe's Annual Congress and initially had five members from five different EU Member States. Meanwhile, the membership has increased considerably to 28 sitting judges from 22 EU Member States and 3 sitting judges from European non-member states.
The Judicial Committee’s activities are focused on issues related to cross-border insolvencies.
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The mission of the Judicial Wing is to foster and share research, learning and experience on matters of common interest and to promote best practice in matters concerning the conduct in courts of law of restructuring and insolvency proceedings, and cross-border cooperation between courts in insolvency and restructuring matters.
In fulfilling this mission the Judicial Wing endeavours to actively promote and encourage young members of the judiciary to become a member of the Judicial Wing.
The group is co-chaired by Michael Quinn (Ireland), Vassilis Portokallis (Greece) and Elsbeth de Vos (Netherlands).
Visit the group's page on our website to find out more about their current projects and next meeting or contact the co-chairs at judicialwing@insolvencycourts.org.
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Eurofenix Summer edition now published! |
The Summer 2024 edition of Eurofenix is now available to view online, featuring reports, case studies, European law updates and conference news, as well as many other articles including:
- Sorrento Congress Preview
- EECC Conference Report
- Dun & Bradstreet Report
- Ecclesiastical insolvency in Croatia
- War-related claims in Ukraine
- Cryptocurrency custody solutions
- Corporate purpose vs Corporate interest
- Event news and more!
If you would like to contribute an article to a future edition or are interested in advertising opportunities, please contact publication manager Paul Newson.
Eurofenix is kindly sponsored by Prof.Dr.Pannen

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Read the new edition here!
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Register today for the INSOL Europe Academic Conference, Sorrento! |

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Download the Technical Programme
On behalf of the INSOL Europe Academic Forum, we are delighted to invite you the most important event of the year for insolvency academics in Europe, the INSOL Europe Academic Forum Conference, taking place on from 2-3 October in Italy.

This year, the conference will take place in the wonderful town of Sorrento, between the breath-taking Amalfi coast and the historical sites of Pompei and Herculaneum, easily accessible from nearby Naples. The conference programme, however, will stand in sharp contrast to the archaeological surroundings and will focus on the present and future of European insolvency law. Find out more and register your place on our website here.
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INSOL Europe Annual Congress Sorrento: Registration Now Open! |

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We are pleased to announce the full line-up of keynote speakers who will be opening proceedings on the Friday and Saturday morning of our Annual Congress in Sorrento!
- Prof. Stefania Bariatti, Professor of International Law, University of Milan, Italy, will be our first keynote speaker;
- Massimo Comparini, Deputy CEO, Senior Executive Vice President Observation, Exploration and Navigation, Thales Alenia Space / CEO, Thales Alenia Space Italia;
- Prof. Elbano de Nuccio, President, National Association of Chartered-Accountants, Italy;
- Giorgio Brandazza, CEO, Corneliani, Italy, will be interviewed by INSOL Europe President, Giorgio Corno

Download the Technical Programme
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With thanks to our Annual Congress Main Sponsor:

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We welcome feedback, news and story ideas for future newsletters.
Please send your suggestions to Paul Newson, CEO & Communications Manager,
email: paulnewson@insol-europe.org.
Follow us on Social Media and join the conversation:

Thanks to our General Sponsors
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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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