This email contains images, if you are having trouble reading this email? View it in your browser.
INSOL Europe news and offers
November 2022


Dear Members

Since our last newsletter we have had one of our monthly Executive meetings at which we approved a number of new initiatives (and some recurring) which are reported on below.

We have also added significantly to the leadership of the EU Group and I am grateful to Robert Hänel (Anchor, Germany), Florian Bruder (DLA, Germany) and Adrian Thery (Garrigues, Spain) for agreeing to give their time and energy to this important group.

There are also plans in motion to add resources to our Membership Development Committee. In addition, we are close to signing a cooperation agreement with another national association. Watch this space for more details as soon as we are in a position to announce.

That, coupled with a tangible uptick in workflows for many members, makes for a busy end of year period. I am no economist but it certainly looks and feels like a more positive transactional outlook for our profession than in 2008 and subsequently when there was no capital or credit flowing at all.

Hopefully the next cycle will also reflect a more mature approach generally to the concept of 'second chance' for entrepreneurs and businesses, with value and job preservation at its core.

Thanks for reading!

Barry Cahir
President, INSOL Europe


Barry Cahir
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.

INSOL Europe's YANIL holds third research workshop in Dubrovnik

On 4 and 5 October 2022, Dubrovnik was the home for a 2-day research workshop on restructuring and insolvency law organised by the INSOL Europe's Younger Academics Network on Insolvency Law (YANIL), involving presentations and discussions with PhD candidates and younger academics on on-going research.

Ilya Kokorin (Leiden University, The Netherlands) began by discussing questions raised following recent crypto insolvencies and pointed to the challenges of regulating crypto-assets providers under the MiCA.

Delegates at the YANIL Workship in Dubrovnik

Next came a joint presentation by Antun Bilić and Marko Bratković (University of Zagreb, Croatia) on a primarily Croatian perspective into the contestability of transactions by debtors at an undervalue. Marco Novara (University of Milan, Italy) then concluded the first panel discussing how to define the triggering point of a company’s crisis and the consequences for directors.

More presentations continued throughout the day, which was filled with an open exchange of new and, at times, provoking research ideas. This was in line with the traditions of Dubrovnik. As mentioned in Professor Bob Wessels’ opening address, the local motto dictates that liberty was not to be sold for any gold in the world. This spirit will surely continue next year in Amsterdam. 

Visit the YANIL pages on our website for a full report and further information.

This event was made possible with the support of the Foundation Bob Wessels Insolvency Law Collection

IT&DA Worldwide Case Register: Thoughts after FTX Collapse

What happens in the event of crypto exchanges’ insolvency procedures such as the case of the recently collapsed FTX?

Shedding light on the nature of digital assets in these cases is of the utmost relevance. If considered property, it leads us to the question of whose property it is. Are they simply assets of the estate and, therefore, customers are just creditors? Or are they assets of the customers which could then lead them to request the segregation of their assets from the insolvency estate?


At INSOL Europe, we have been aware that, sooner rather than later, we will all be involved with digital assets in restructuring and insolvency proceedings. This is why our Insolvency Tech & Digital Assets Wing created the Insolvency Tech & Digital Assets Worldwide Case Register in 2021, with contributions, so far, from Estonia, Poland, Spain, Turkey, the UK and the US. New contributions from Italy, Japan, New Zealand and the Netherlands are expected in the near future.

José Carles, co-chair of the Insolvency Tech & Digital Assets at INSOL Europe (pictured above), commented some of these precedents at the American Bankruptcy Institute’s panel on “Cryptocurrency and Cross-Border Insolvency Law” at the “Cross-Border Insolvency Program” held on November 14th in New York, together with some of the lawyers that are working on the Three Arrows Capital, Celsius or Voyager files. Visit our website for more information about the Insolvency Tech & Digital Assets Wing.

25th Anniversary of UNCITRAL Model Law on Cross-Border Insolvency

On the occasion of the 25th Anniversary of the UNCITRAL Model Law on Cross-Border Insolvency, the UNCITRAL secretariat organized a panel discussion among stakeholders active in insolvency law reform to inform the Commission about lessons learned from recent inter-regional multilingual experience - featuring assessment exercises and knowledge-sharing in the area of insolvency law and the role that UNCITRAL legislative, guidance and reference materials and events played in that context.

A video of the discussion can be watched here, featuring INSOL Europe Council Member Nicoleta Mirela Nastasie (PhD, Retired judge - Bucharest Tribunal, Romania) at approx. 1 hour into the recording.

Nicoleta Mirela Nastasie has also published a speaker statement on recent activities to support the use and adoption of UNCITRAL texts in the area of insolvency law, which can be read here.

New Solvency Registry in Greece - Digitalization Game Changer

The recent overhaul of the insolvency framework by virtue of ‘Law 4548/2020 on Debt Settlement and Facilitation of Second Chance’(the Insolvency Law) has proved a game-changer as far as digitalization and data collection is concerned in Greece, writes Yiannis Bazinas of Bazinas Law Firm. 

In particular, the Insolvency Law has established a unified Solvency Registry, where all notifications regarding the various insolvency and restructuring procedures must be published.

Such information ranges from the issuance of insolvency judgments and the ratification of rehabilitation agreements to less consequential procedural steps, such as the sealing of the insolvent estate, the conclusion of contracts by the insolvency practitioner etc. Judging from the breadth of available information, the Solvency Registry constitutes the first ever database on insolvency and restructuring statistics in the country. 

The system first took effect in March 2021. Since then, there have been a total of 1097 registry entries designated as the filing of insolvency applications. The vast majority of such applications (88%) relate to individual debtors, which was an expected development, considering that the new Insolvency Law extended insolvency eligibility to consumers for the first time. A striking feature is that most insolvency applications (90%) have been filed during 2022. This can be partially attributed to the delayed familiarization of debtors with the new available procedures but also reflects the growing financial pressures that businesses and households are currently facing, as a result of inflation and the energy crisis. 

According to the registry, there have been 336 declarations of insolvency, 89% of which relates to natural persons, whereas the remaining have been dismissed, withdrawn or currently pending before the insolvency courts. The absence of any reliable historical data makes it difficult to consider emerging trends but the general impression is that the number of insolvency filings and judgments is significantly higher than previous years, which can largely be attributed to the inclusion of consumers within the new Insolvency Law’s scope. 

Further statistics from Greece and from all jurisdictions can be found on our website here.


Inside Story: Local Public Entities in Distress - An English Perspective

This is arguably one of the most difficult times in history for local authorities around the world. Authorities in developed countries like the UK are no exception. Councils in the UK face issues that are common to all types of local entities, such as inflationary costs for the provision of essential services (particularly social care) and reduced transfers and tax collection abilities due to the current global economic recession.

In addition, they face unique challenges, which include increasing costs to service the commercial debt they had been encouraged to take in previous years, a dwindling and aging population, and increased demands of essential services from a more vulnerable population.

The purpose of this short Inside Story by Dr Eugenio Vaccari (Royal Holloway, University of London, UK) and Prof Yseult Marique (University of Essex, UK; FöV Speyer, Germany; UC Louvain, Belgium) is to uncover the causes of municipal failures, assess the remedies available under the law and discuss whether regulatory changes are needed to improve the status quo. Download the full story (and more) from our website 

Bridging the UK-EU Divide with Communication and Cooperation

Experienced cross-border insolvency practitioners know that communication and cooperation is fundamental to success, but how is this evolving and what developments should we expect?

Communication and cooperation is the bridge between different insolvency proceedings involving the same debtor with assets in different jurisdictions. The objective is to enhance overall efficiency and minimise total costs, maximising returns to the creditors as a whole.

Of course, cooperation may lead to an apparently sub-optimal outcome in one jurisdiction while producing a better outcome for the debtor’s estate and the creditors as a whole. A simple example is allowing a business with interdependent units in different jurisdictions to be sold in a single transaction as a going concern. 

The intangible assets in the main (EU) jurisdiction would have limited value if the business and assets were sold piecemeal, but a very high value in a going concern. The non-main (UK) jurisdiction business unit is smaller and has tangible assets that would generate good value if sold piecemeal. Neither business unit can exist separately as a going concern. 

The non-main practitioner might seek a piecemeal asset sale for the best result in that jurisdiction and be resistant to cooperation, whereas the main practitioner would prefer to cooperate and achieve a going concern sale of the whole business, yielding a better return to creditors overall.

Communication and cooperation occur both at the insolvency practitioner level and between courts. As an insolvency practitioner (and not a lawyer), Chris Laughton, Consultant (Mercer & Hole, London) will concentrate on the former aspect in a forthcoming Eurofenix article.

Date for your Diary: Young Members Group Quiz Night!

Our Young Members Group is once again holding a festive online
networking event, this time taking the form of an interactive quiz.

For full details and to register, please contact:
Please note, to be eligible for this event, you must be under the age of 45.

Date for your Diary: EECC Conference 2023, Lithuania

We are pleased to announce that plans are well under way for the return of our EECC Conference, to be held in Vilnius, Lithuania, on 19 May 2023. An optional drinks reception will be held on the eve of the conference to welcome the delegates to the beautiful city. Look out for more details coming soon on our website.


We welcome feedback, news and story ideas for future newsletters. 

Please send your suggestions to Paul Newson, CEO & Communications Manager,

Follow us on Social Media and join the conversation:


INSOL Europe, PO Box 7149, Clifton, Nottingham. NG11 6WD
Unsubscribe from mailing.
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.