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

Dear Members

With pride, pleasure and some palpitation I took over the role as President of INSOL Europe from Alastair Beveridge in late September.

Under Alastair's helm the association has

  1. Made new ties with kindred associations – in the past year INSOL Europe has co-labeled 10 events – up from 4 the preceding year.
  2. Appointed Country Coordinators in a number of countries in Europe who will assist in increasing the local footprint of INSOL Europe and liaising with national associations.
  3. Increased the presence of INSOL Europe in social media.

These initiatives form part of the three key strategic areas identified to reach the 2025 INSOL Europe objectives:

  • Growth and footprint
  • Cooperation
  • Target Groups

Thanks to Alastair, the association is on the right track and I look forward to continuing and contributing to this journey.

In September, Marcel Groenewegen, was appointed as new Deputy President and Frank Tschentscher as new Vice President. I look forward to working with both during the next year as well as the new Council members.

The 2019 Annual Congress in Copenhagen attracted a record attendance of over 500 delegates at the main Congress and judicial and academic colloquia. In my hometown, the delegates enjoyed days packed with interesting and engaging technical sessions, networking opportunities and a spectacular gala event. This newsletter contains some reports from the conference.

No resting on our laurels here – we always look to how we can improve and revitalise our Annual Congress. If you have any suggestions or new ideas, please do drop me a line on!

In the past year, INSOL Europe has been represented at the Expert Network Meetings of Early Warning Europe, which establishes Early Warning mechanisms in a number of Member States. Early Warning was also the topic of one of the panel sessions at the Annual Congress (see report here). The Early Warning mechanisms are important cornerstones in the EU initiatives to increase the success of restructuring and avoidance of insolvency and INSOL Europe is very proud to contribute with knowledge and expertise.

The Early Warning mechanisms envisaged in the Directive on Pre-insolvency Restructuring will be the main focus of a conference organized by Associazone Albese Studi Di Dritto Commerciale in Alba, Italy on 16 November. I look forward to representing INSOL Europe at this conference.

I will also be representing INSOL Europe at Private Equity Awards in Paris on 27th November, see further down in this newsletter. You will also see all the other joint conferences and events that are scheduled in November and December, both promising to be busy months!

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.

Copenhagen: A Danish Take on Information and Insolvency

With Chris Laughton as Congress Facilitator kicking off proceedings, Alastair Beveridge (Outgoing President) began by welcoming delegates to a rainy, but beautiful, Copenhagen.

A packed day and a half of technical sessions, all the various groups and constituencies having met on the eve of conference, saw proceedings start with a challenge by the keynote speaker Professor Vincent Hendricks of the University of Copenhagen who drew the attention of delegates to the profusion of information available every day. 

Professor Vincent Hendricks starting Friday's Technical Session with a Keynote on Information.

Visit the event galleries for further photos.

Though it added to knowledge, he said, it did not mean an increase in wisdom. In light of that benchmark for the event, the technical agenda strove hard not just to deliver information, but to do so in a way that added to experience and expertise.

The first day did not spare the delegates. Packed sessions on the Preventive Restructuring Directive (“PRD”) and Brexit brought conference up to date on signal events in the year, one firmly past, the other yet to happen (if indeed at all). For devotees of the PRD, the subtle detail of the application of the viability test and the extent and necessity for court supervision featured. For those weary of Brexit, the panel brought some interest back to current development by charting the competition between jurisdictions for business. Four key sectors were at the forefront in the break-out sessions: healthcare, airlines, retail and MSMEs, all adding to the impression of much ferment still happening in the industry. Post-lunch, the key themes of the PRD and Brexit appeared again with debates on cram-down and recognition of insolvency-related judgments. In between, the fate of non-performing loans and a study of the OW Bunker collapse from the Danish perspective added spice to the overall mix.

On day two, a second keynote speaker from Aalborg University, Professor Henning Jørgensen, spurred the Congress on to consider the future environment within which business would be developing with traditional concerns for employees still uppermost in policy-makers minds. Sessions on litigation funding, the value and disposal of social media accounts, directors’ duties in the context of early warning systems and the prepacking of employees as part of business transfers then provided a great deal of focus for attendees on issues of note in practice. Following the close and handover to Piya Mukherjee (Incoming President), delegates enjoyed an afternoon of leisure in the city before the gala dinner. Located in the tent-like structure of Wallman’s Circus Building, the event raised the roof with applause for the technical expertise and skill of the performers, incidentally setting a new standard for gala dinner entertainment. With echoes of the music and performance lingering in the night, delegates departed with thoughts of Sorrento next year.

A full report by Myriam Mailly, Joint Technical Officer, and Paul Omar, Technical Research Coordinator, will appear in the next edition of Eurofenix.

Wonderful Copenhagen: Insolvency at the Cutting Edge

The annual conference of the Academic Forum in its 15th anniversary year took place on 25-26 September in Denmark where the charms of Copenhagen were only mildly attenuated by the autumn chills and grey skies over the city.

The number of participants present topped 70, representing nearly 20 jurisdictions from all over Europe and across the World.  

Professor Michael Veder (Chair, Academic Forum; Radboud Nijmegen) opened proceedings by noting the anniversary, not just of the Academic Forum, but also of the Younger Academics’ Network in Insolvency (“YANIL”), who celebrated their 10th anniversary with the holding of a successful colloquium prior to this conference.

Proceedings across the two days of the conference included a suite of presentations on the Preventive Restructuring Directive (“PRD”), director’s liability and the role of the debtor-in-possession, measures affecting and protecting creditors, the role of mediation within the international insolvency law framework and the place of other actors in insolvency. In addition, there were presentations from members of the YANIL group, also on preventive restructuring, and a discussion on the scope of the stay in the PRD and its effect on debtors and their contracting partners within the Edwin Coe Practitioners’ Forum, held as part of the event. Also an integral part of the proceedings was the annual lecture sponsored by Edwin Coe, renamed this year the Gabriel Moss Memorial Lecture, given by Professor Ignacio Tirado (General Secretary of UNIDROIT), who talked of the protection of creditors’ rights within the framework of the PRD.

A full report by Line Herman Langkjaer, Secretary, Academic Forum, Jenny Gant, YANIL Chair (2015-2019) and Paul Omar, Technical Research Coordinator, will appear in the next edition of Eurofenix.

Council Elections, Changes & Retirements

Executive Officers: At the close of the Copenhagen Congress in September, Alastair Beveridge (UK) became Immediate Past President and was replaced by Deputy President Piya Mukherjee (Denmark) as the new President. Vice President Marcel Groenewegen (Neths) became the new Deputy President and Frank Tschentscher (Germany) was duly appointed by Council as the new incoming Vice President. Chris Laughton (UK) agreed to remain on as Treasurer for one further year. Furthermore, Caroline Taylor (UK) Director of Administration announced her plans to remain in office for one further year with a view to continuing her assistance on the Secretariat on a part-time basis after that time.   

Reserved Seats on Council:

  • Austria: Susanne Fruhstorfer preferred not to stand again for a 2nd 3-year term of office and was succeeded by Matthias Prior.
  • Denmark: This is a new seat as Denmark now has over 30 members (the qualifying number for a reserved seat on Council). Michala Roepstorff was successful in the voting process and began her first 3-year term of office.
  • Ireland: Barry Cahir retained his seat for a 2nd term office.
  • Netherlands: Alice van der Schee (previously in a non-reserved seat) began her second 3-year term of office.
  • Romania: Simona Milos preferred not to stand for a 2nd 3-year term and was  succeeded by Vasile Godinca.
  • Sweden: As numbers had dropped below 30, the reserved seat on Council was lost  
  • Switzerland: Thomas Bauer retired after his 2nd 3-year term and was succeeded by Sabina Schellenberg who began her first 3-year term of office. 

Non-Reserved Seats on Council:

  • David Rubin completed his 2nd 3-year term of office and Alice van der Schee had moved into the reserved seat for the Netherlands.
  • The successors of those 2 seats were Evert Verwey (Neths) and Georges-Louis Harang (France).
  • This year 2 new non reserved seats for countries not currently represented on Council were made available and duly taken by Jan Lilius (Finland) and Frank Heemann (Lithuania).  

Co-opted Seats:  

  • Radu Lotrean (in his capacity as EECC co-chair and for his work on the High Level Courses).
  • Alberto Nunez Lagos (in his capacity as co-chair of the Turnaround Wing and co-chair of the Development Committee). 
  • Steffen Koch (in his capacity as co-chair of the Turnaround Wing and the new Board member for INSOL International liaison).
  • Tomas Richter (in his capacity as chair of the Academic Forum, succeeding Michael Veder).
  • David Rubin (in his capacity as co-chair of the Sponsorship Committee).

Therefore, in view of the above, we say goodbye and thank you to the following people who now retire from Council: Hans Renman (Sweden), Susanne Fruhstorfer (Austria), Simona Milos (Romania), Thomas Bauer (Switzerland), Michael Veder (Netherlands), Catherine Ottaway (France), and Robert van Galen (Netherlands).

Honorary Members:
From time to time, the Council of INSOL Europe are entitled to confer honorary membership on any person who, in their opinion, has given outstanding meritorious service to the insolvency profession or who has performed outstanding work on behalf of the Association. This year honorary membership was awarded to Michael Veder who had been chair of the Academic Forum since 2016 and also Steffen Koch in his capacity as past President and co-chair of both the Turnaround Wing and Strategic Task Force 2025. Steffen also became the newly appointed INSOL Europe representative on the Board of INSOL International.  


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:

  • 25% Discount for the Private Equity Exchange & Awards Evening, Paris
  • 25% Discount for the ERA Conference 'Restructuring and insolvency within the EU'
  • 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: Prevailing Interests of the Majority Creditor in Russia

The realities of modern Russian bankruptcy boil down to the fact that the majority creditor in the bankruptcy case has unlimited possibilities with respect to the debtor. Moreover, the existing legal tools do not allow minority creditors to influence the bankruptcy procedure of a debtor.

The problem of the predominance of the interests of majority creditors in bankruptcy is largely due to the passive role of the arbitration manager (i.e. the bankruptcy trustee).

Instead of acting as an independent third party in a bankruptcy case and serving the interests of the bankruptcy estate, in the Russian reality the arbitration manager is a mere tool, acting as a de facto representative of the interests of the majority creditor. Thus, the “ecosystem” in Russian bankruptcy is built around a majority creditor or affiliated group, who uses the legal tools to serve their own property interests.

Olga Savina, Partner and Julia Shilova, Advocate, Restructuring and Insolvency Practice, ART DE LEX, Russia look at the determining factors in the “management” of the current bankruptcy cases. 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.

Young Members Group meet in Copenhagen

What a great occasion to meet the Young Members Group (YMG) at the Annual Congress in Copenhagen! 

More than 100 young-ish attendees met at the YMG Drink Reception hosted at the wonderful Manon les Suites, kindly sponsored by Schiebe und Collegen, followed by a cheerful dinner at the Llama.

This year’s Congress was also a great occasion for the YMG to be involved in the organization, to be panelists and to be active in the INSOL Europe groups. Dr. Anne Bach (née Laspeyres) and Georges-Louis Harang, co-chairs of the YMG, gave an update of the year and shared the lineup of the upcoming events.

Please visit the Young Members Group page for general news and updates.

Modern Insolvency Research: The Bridge to the Future

Moody weather in the land of Scandi-noir dramas greeted conferencers from the Younger Academics’ Network in Insolvency Law (YANIL) meeting at the premises of DLA Piper in Copenhagen.

After a welcome to those present by Henrik Sjørslev (Insolvency and Restructuring Partner, DLA Piper), Jen Gant (YANIL Chair; Post-Doctoral Researcher, JCOERE Project, UC Cork School of Law) also welcomed the group of 20 or so attending to the first PhD conference organised by YANIL. Participants were drawn widely from across Europe, representing universities in Austria, Belgium, France, Germany, Ireland, Italy, the Netherlands and the United Kingdom.

The panels held throughout the day focused on the topic of the moment: the adoption this year of the Preventive Restructuring Directive (“PRD”), private international matters connected to insolvency as well as regional perspectives on insolvency issues, including the fate of unsecured creditors, arguments in favour of employee protection in pre-packs and the role of CVAs in restructuring UK businesses. The final session of the day put the spotlight on the issue of research methodology and the appropriateness of a methodological approach to insolvency research, which featured presentations by three post-doctoral academics on the utility of variants of research methodology to their projects.

Jen Gant, YANIL Chair (2015-2019) and Paul Omar, Technical Research Coordinator, INSOL Europe will be wrtiing a full report for the next edition of Eurofenix. 

For further information about the Younger Academics' Network in Insolvency Law (YANIL) visit their website here.

EECC 2020 Kiev (Ukraine) - Date for your Diary
Forthcoming Events - Dates for your Diary

IEAF-ERA Joint Conference on Restructuring and Insolvency within the EU, Thursday 7-Friday 8 November 2019

The European Academy of Law (ERA) and INSOL Europe Academic Forum Joint Conference on Restructuring and Insolvency within the EU will take place on Thursday 7-Friday 8 November 2019 at the premises of the ERA in Trier, Germany. The conference will chart the latest developments in European insolvency and restructuring, particularly focusing on the recently adopted Preventive Restructuring Directive, continuing case-law of the CJEU under the European Insolvency Regulation, and other matters such as Brexit. A combined agenda and registration form are now available here. Members of INSOL Europe can receive 25% discount off the registration fee by using the code “INSOL25_Restructuring19” during the registration process.

Free Panel Discussion: “Multiplicity of the debtors in the process of insolvency (bankruptcy): Theory and practice of law enforcement”, 21 November 2019, Moscow State University, Faculty of Law

The panel will bring together a large number of leading Russian insolvency experts and is expected to cover problems of bankruptcy of spouses, groups of companies, the problems of director’s liability, and the insolvency problems of the inherited wealth. 

Visit the event registration page for further information.

Private Equity Exchange & Awards, 27 November 2019, Paris

The largest Pan-European event on Private Equity and Restructuring, gathering more than 1,200 high-profile participants. The summit is followed by an exquisite evening ceremony with 400 Private Equity leaders, rewarding the best performers of LBO Funds, Limited Partners and Management Teams. Highlights of the event include:

  • One-to-One Meetings - Get to know the international Private Equity community.
  • Awards Ceremony - rewarding the best performers of Private Equity funds, Limited Partners and Management Teams.
  • Conference program with 80 international experts.

Special offer: We can offer 25% discount off the registration fee for a limited number of INSOL Europe members. Contact Paul Newson for details.

For more information about the event, visit:


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.