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INSOL Europe news and offers
April 2021

Dear Members

Awaiting further nice Spring weather and with the Summer approaching, I am proud to present to you this newsletter with an overview of INSOL Europe’s recent and upcoming activities. 

I would like to draw your attention more in particular to the INSOL International and INSOL Europe Joint Webinar on 15 April last, which had an excellent attendance and very interesting presentations on, amongst other topics, the fate of and legal issues surrounding crypto-currencies in bankruptcy proceedings. Crypto's do tend to travel cross-border very quickly indeed! Please read the report in this edition and visit INSOL Europe’s website for access to recordings of both sessions. Many thanks to Matthew Newman as facilitator, all panellists and the INSOL Europe and INSOL International teams who made this joint event a success.

Please also check out the next INSOL Europe Academic Forum online lecture by Professor N. Bermejo on the topic of "Public Creditors in Preventive Restructuring Frameworks: Considerations in the light of the Pandemic Crisis", to be held on 20 May 2021!

Since (awaiting the gradual "reopening" of our economies) we are still in full digital mode, we have – following the recent successful networking event for our Young Members Group – decided to open the advantages of online networking to all our members. Be sure to be part of the first edition of this new FREE and FUN initiative on the evening of Thursday 17 June. Registrations will be handled on a first-come-first-served basis and there is only "digital space" for 100 applicants. Further details will be announced soon!

On 23 April 2021, INSOL Europe's bi-annual Council Meeting was held online and the Executive and Council discussed all current and upcoming initiatives as well as the overall budget. I am pleased to inform you that despite the heavy impact of the COVID-19 pandemic on our finances, INSOL Europe has, due to strict cost-saving measures, financially done well given the circumstances. 

You will also find in this newsletter updates on our other new initiatives. Many thanks to all those who contributed to this newsletter and I wish you all enjoyable reading.

Do visit INSOL Europe’s website to stay up to date with our initiatives. 

Please stay safe and healthy! Better times are near for all of us.  

Marcel Groenewegen
President INSOL Europe



Marcel Groenewegen
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.

Joint Online Seminar Report, 15 April 2021

INSOL Europe and INSOL International join forces to deliver two online sessions.

On a bright April morning with over 100 participants, the INSOL International and INSOL Europe joint webinar began with Matthew Newman (Ogier) facilitating. Following thanks to the sponsors Ogier and HFW, Marcel Groenewegen (President, INSOL Europe) introduced Professor Ignacio Tirado (Secretary-General, UNIDROIT) who gave the keynote address. Speaking of the latest UNIDROIT initiative, Professor Tirado outlined its importance, especially given the need to develop legislative guidance and international best practices in relation to digital assets. This was followed by a panel, moderated by Dávid Oršula (bnt attorneys), which saw Lee Pascoe (Barrister, Melbourne) and Ilya Kokorin (Leiden University) looking at issues of recovery of crypto-assets in insolvency proceedings.

The afternoon session saw Eric Levenstein (Werksman Attorneys) putting questions to the keynote speaker Kathutshelo “K2” Mapasa (CEO, Basil Read Construction), whose construction company has been in business rescue proceedings since 2018. A general lack of DIP-financing is seen as the biggest difficulty facing rescue together with the need to anticipate the likelihood of distress. The second panel, helmed by Mahesh Uttamchandani (IFC World Bank) saw panel members, including Lynn P. Harrison III (Dentons), Sonya van der Graaff (Avonhurst) and Torsten Braner (Taylor Wessing), exploring the mixed economic outcomes for businesses in the pandemic, which has impacted on business sectors very differently. Moreover, prompted by the need to ensure sustainability, legislative measures in many jurisdictions have been introduced, some hurriedly. Overall, the pandemic has offered an opportunity to rethink business models and the workings of insolvency.

Short excerpts from the seminar and details of how to access the full recordings can be viewed on our website.

A full report by Myriam Mailly (Technical Officer) and Paul Omar (Technical Research Coordinator) will be published in the Summer edition of Eurofenix.

With thanks to Main Sponsors

Academic Forum Online Lecture: Registration now open!

Registration now open

INSOL Europe's Academic Forum online lecture by esteemed Professor N. Bermejo, on the topic of "Public Creditors in Preventive Restructuring Frameworks: Considerations in the light of the Pandemic Crisis", to be held on 20 May 2021, is now only 3 weeks away!

Nuria Bermejo is Professor on Commercial Law (“Profesora Titular”) at Universidad Autónoma de Madrid (Spain) since 2008. From March 2008 to October 2015, she was Legal Secretary (“Référendaire”) at the EU General Court (Luxembourg). She has lectured in other Spanish universities, as well as in European higher education institutions and South-American universities. Further details about Professor N. Bermejo can be found on our website.

The lecture will be free for INSOL Europe Academic members, €25.00 for all other members and €50.00 for non-members. Visit our website to register or contact Event Manager Harriet Taylor for further details.

The Academic Forum is kindly sponsored by:

Eurofenix Spring 2021 edition now published

The Spring 2021 edition of Eurofenix has now been published in print and online, featuring reports and case studies on the impact of the COVID-19 pandemic across Europe as well as many other articles including:

  • The EU Directive in Germany: A new star in the firmament
  • 40 Years of INSOL Europe: Then and Now
  • Guest Editorial: Unlocking ill-gotten assets
  • Digital Players: The winners of the COVID-19 crisis
  • New year, new online events - reviewed
  • Black Swan event in the US
  • Country Reports …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.

Download the latest edition from our website here

Kindly sponsored by

Benefits of INSOL Europe Membership

  • Discounted rates for our conferences and online events
  • Free access to our Web series – Coffee Breaks: Connecting Minds 2021
  • Free digital copies of publications in the INSOL Europe Technical Series including "The European Communication & Cooperation Guidelines for Cross-Border Insolvency."
  • Free copies of Eurofenix, INSOL Europe's popular quarterly journal
  • Discounted advertising rates for you and your business in Eurofenix
  • Opportunities to join working groups, write articles for our newsletters and website
  • Weekly emails with top European insolvency news items
  • Access to the INSOL Europe European Insolvency Regulation Case Register now hosted by LexisNexis
  • Access to a tracker of insolvency reforms globally produced by Lexis Nexis in partnership with INSOL Europe
  • Privileged website access to password protected members' areas which includes:
    • Glossaries of Terms relevant to insolvency laws of most European countries
    • A downloadable version of the Membership Database
    • Material from the Eastern European Countries' Committee
    • Current edition of Eurofenix in PDF format
    • Forthcoming papers by the Academic Forum
    • INSOL Europe's Financial Statements
  • Discounted rate for the INSOL International conferences
  • Discount of 25% off INSOL International’s Foundation Certificate in International Insolvency Law
  • Free copies of INSOL International's quarterly newsletter, "INSOL World", together with their annual Membership Directory and technical releases.
Visit our website for more details or contact Membership Manager, Hannah Denney.


INSIDE Story: Risks for Creditors in Poland

As a result of the COVID-19 outbreak, a new type of restructuring procedure was introduced in Poland: the “simplified restructuring procedure” (SRP), which, in principle, corresponds to the “scheme of arrangement” known to English law. There are, however, material nuances of the new regulations, which may have a negative impact on the rights of the foreign creditors. 

In this article, authors Paweł Chmieliński (Advocate and Restructuring Advisor, KKLW Legal, Poland) and Przemysław Wierzbicki (Advocate and Restructuring Advisor; Managing Partner, KKLW Legal, Poland) provide the most important solutions which foreign creditors can use to defend their interests. A special feature of the new regulation is its temporary nature, which has been tied to the anticipated duration of the impact of the pandemic. As such, simplified restructuring procedures can be initiated as of 24 June 2020 (date of the entry of the new regulation into force) till 30 June 2021. 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.

Coffee Breaks: Connecting Minds 2021 - More videos published

Our Coffee Breaks: Connecting Minds 2021 series continues with our popular video conversation format established in 2020.

This year, the INSOL Europe Country Coordinators will share their experiences with representatives from their local associations, highlighting the reforms and challenges of the national insolvency framework to address the current crisis and other key issues in their jurisdiction.

The latest video from Luxembourg can be seen here alongside videos from Russia, Latvia, Portugal, Finland and France. A video from Italy is due to be published shortly.

Coffee Breaks: Connecting Minds 2021 are brought to you in partnership with the European Bank for Reconstruction and Development (EBRD) and its Legal Transition Programme (LTP). The LTP is the EBRD’s initiative to contribute to the improvement of the investment climate in the Bank’s countries of operations by helping create an investor-friendly, transparent and predictable legal environment. This objective is implemented by the Legal Transition Team, a dedicated team of specialised lawyers working across the 38 economies where the EBRD invests.

If you would like to sponsor a Coffee Break video in 2021, please contact Hannah Denney, Sponsorship Manager, for details.

Watch the latest videos here


In partnership with:

Judicial Wing Update

The Judicial Wing has continued its activity during the pandemic by holding remote meetings. The first was on 29 September 2020, in place of the annual meeting originally scheduled for Sorrento. The second was on 14 April 2021 and was the first ever Mid-Year Meeting of the Wing. The Mid-Year Meeting was attended by 22 members and chaired by Judge Eberhard Nietzer. The Wing welcomed a new member, Judge Stephan Deyda.

Judges updated the meeting on the status of the measures taken by their respective governments to transpose the Preventive Restructuring Directive which Member States are required to do by 17 July 2021. There was also general discussion of the experience of judges in managing and progressing court business during the pandemic.

Dr. Luciano Panzani gave a presentation on the deferral of the implementation of the Directive in Italy. Judge Reis Silva informed the Wing that Portugal had applied to extend the implementation period of the Directive pursuant to Article 34 (2). It was noted that a timeframe of 1 year to enact a law that requires the approval of parliament would be tight, especially as the draft law must be read in the Portuguese Parliament at least six months before the deadline. Judge Portokallis of the Athens Court of Appeal, spoke about the new Greek Insolvency Code implementing the Directive.

The Wing is undertaking a new publication project entitled “COVID-19: Which Practical Measures Adapted by the Insolvency Courts because of the Pandemic are Desirable to Become Permanent Changes of Their Practice?” which they hope to publish before the end of the year.

The updating of the Judicial Wing section of the INSOL Europe website is currently underway. 


Date for your Diary: Online Speed Networking Event, 17 June 2021

After the recent successful networking event for our Young Members Group, we have decided to open this up to all members! 

The event will take place on the evening of Thursday 17 June, and will be free to members on a first-come-first-served basis, limited to the first 100 applicants.

Further details will be announced soon, so make a date and watch this space!

Please contact Event Manager Harriet Taylor for more details, or Sponsorship Manager Hannah Denney if you would like to sponsor the event and have the opportunity to promote your business to our members. We look forward to seeing you online!

International Conference on Business Law, 13-15 May 2021

Join us on 13-15 May for our online conference 'Experiences, evolutions and perspectives in business law in the post-pandemic era', organised by the Romanian Institute of Commercial Law, INSOL Europe and the Faculties of Law of Babes-Bolyai University, Romanian-American University, Nicolae Titulescu University and Titu Maiorescu University.
During the INSOL Europe panel, on 13 May from 14.30 to 16:00, Prof. Christoph G. Paulus, Prof. Paul J. Omar and Prof. Tomáš Richter, together with the moderator, Prof. univ. dr. Gheorghe Piperea will discuss the implementation of Directive 2019/1023.
The conference will be broadcast live on the main page of
For more details visit the event website.

Registration is only required if a certificate of attendance is necessary.
To register, email EECC Co-Chair Niculina Somlea.



CERIL Report and Statement Published

CERIL proposes a concise reference work for identifying annex actions under Article 6(1) of the European Insolvency Regulation 2015 (CERIL Statement and Report 2021-1)

Initiated and chaired by Prof. Stephan Madaus (Martin Luther University, Germany) and Prof. em. Bob Wessels (Leiden University, the Netherlands), a CERIL Working Party conducted a survey on issues of international jurisdiction for individual legal cross-border actions that ‘derive directly from public collective insolvency proceedings and are closely linked with them’. To resolve uncertainty on these actions, conveniently called ‘annex actions’, CERIL proposes a concise reference work to classify and distinguish between annex actions and non-annex actions.
In summary, the study found three types of annex action:
    (a) clear annex actions,
    (b) clear non-annex actions and
    (c) actions with relevant uncertainty about their classification.
The Report sets out in detail the categorisation in (a) and (b). Furthermore, the Report gives ample thought to the last category, under (c). This includes (i) actions brought by the insolvency practitioner in relation to the assumption or the termination of executory contracts, (ii) actions brought by an unsecured creditor against the debtor, also referred to as ‘action seeking a declaratory relief’, (iii) actions brought by secured creditors, (iv) actions concerning the return of property held by the debtor, and (v) action brought by the reinstated debtor after the termination of insolvency proceedings.
As a consequence, to overcome the existing level of uncertainty with time-consuming and costly disputes in civil proceedings, especially their characterisation as ‘annex action’, CERIL encourages litigators and courts to use the concise reference work as set out in its Report.
The CERIL Statement and Report 2020-1 can be downloaded here.


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
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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.