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Dear Members
As this newsletter reaches your in-boxes I will be getting ready to attend another great regional conference in Italy, this time organised by CNDCEC (Consiglio Nazionale Dottori Commercialisti ed Esperti Contabili) in Cagliari on 31 May. I will be addressing the audience, introducing them to INSOL Europe and our cooperation agreement we have with them. We hope to sign up many of the delegates to our wonderful Annual Congress later in the year in Sorrento. Registration for the Annual Congress is now open and I hope you have registered already. If not, take a look at the high-level technical programme that our co-chairs Rita Gismondi and Bart de Moor have developed, along with a great line-up of speakers.
I recently attended the R3 Annual Conference in St. Andrews (Scotland) and alongside Alice van der Schee (our Deputy President), Barry Cahir (our immediate past-President) and Frances Coulson (our Vice President), presented an INSOL Europe workshop titled ‘EU passports to the right, UK to the left - pathways in EU post-Brexit’ which focused on EU-UK cross-border recognition of restructuring and insolvency proceedings. The conference overall consistently highlighted the themes of talent, leadership, and the future trajectory of our profession. The 'Class of 24' sessions were a testament to this, spotlighting emerging talents within the industry and conveying a message of optimism about the calibre and dedication of professionals in our field.
Our next event is the EECC Conference in Krakow, which is now only a couple of weeks away. Under the theme ‘Substance & Form’, the one-day seminar will offer a lot of content in just one day, providing an excellent opportunity for practitioners from Eastern Europe to attend and learn from the wide range of experts, as well as many opportunities to network – not just with fellow Easterners but with delegates from a wide range of jurisdictions from all over Europe. Don't miss this chance to stay ahead of the curve and deepen your understanding of the most pressing and vital topics of 2024, and enjoy the city of Krakow.
In this edition of the newsletter we introduce our members to our Financiers Group. Please do visit the website link to find out how you can join this group and benefit from their projects. We also feature insolvency updates from Sweden, and Inside Story from Luxembourg, and a list of forthcoming events you may be interested in attending.
What do you believe should be INSOL Europe’s primary focus for the next 5 years?
Finally, as we start the long process of defining our goals and aims for the next 5 years, I would love to hear your response to the above question. Please be as brief or as detailed as you like! Write to me personally at giorgio.corno@studiocorno.it or our CEO Paul Newson at paulnewson@insol-europe.org and your comments will help to give us insight into the next stage of our planning process.
Kind regards
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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| EECC Conference 2024, Poland: Now only 2 weeks to go! |
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| INSOL Europe Annual Congress Sorrento: Registration Now Open! |
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Download the Technical Programme here
We are pleased to announce that registration is now open for our Annual Congress, to be held in Sorrento from 3-6 October 2024.
The 2024 Technical Committee, chaired by Rita Gismondi (Gianni & Origoni, Italy; INSOL Europe Country Coordinator) and Bart de Moor (Strelia, Belgium; INSOL Europe Council member & Country Coordinator) have already announced the full technical programme, which is available from our website. Details of the social programme, accommodation and anciliary meetings have also been published, along with a full list of sponsors.
Registration for the INSOL Europe Academic Forum Annual Conference, to be held immediately preceeding the main Congress, is now also open.
Find out more on our website here.
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With thanks to our Annual Congress Main Sponsor:
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| Introducing our Financiers Group |
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The financing, social, economic and technological landscape in Europe in recent years has presented both opportunities and challenges to financiers and investors.
The level of change is unprecedented, and navigating the environment requires a new combination of balanced skills including entrepreneurship, timely response, prudence and compliance.
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The INSOL Europe Lenders Group was founded in 2008 and changed its name to the Financiers Group in 2018 to reflect the changing dynamics in the sector. The Group has diverse aims which are more relevant than ever in an increasingly interconnected world, including: Bringing financiers together; Access to market leading professionals; Communication with regulators; Considering technical developments; Promoting greater understanding and insight; and Distilling commercial implications. The Financiers Group has held several joint events with other organizations, both on-line and in-person.
If you are interested in finding out more about us, please contact one of our Joint Chairs, Florian Joseph (Germany) and Francisco Patricio (Spain).
Qualifying Financiers can now join INSOL Europe at a special rate of only €125!
For further updates visit the group's page on our website.
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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. |
| National Insolvency Statistics Update: Sweden |
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Niklas Alvestrand Körling (Managing Partner, CMS Wistrand and INSOL Europe country coordinator) and Nina Baecklund (Counsel, CMS Wistrand) have summarised the recent statistics in Sweden on restructuring proceedings and bankruptcy proceedings. In summary, the COVID-19 did not drastically affect the number of formal insolvency proceedings filed.
Since interest rates were increased during 2023 and then also that tax reliefs from the time of COVID-19 are to be repaid there has during the last year been a significant increase of the number of formal insolvency proceedings.
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Sweden has introduced an amended Restructuring Act in August 2022 which introduced new tools for a Restructuring Plan. The new law makes it possible to arrange reorganisation solutions which are tailored for the specific situation and can affect also secured debts in addition to as earlier only unsecured debts. Other examples of possibilities are to affect agreements and the ownership of the company under reorganisation.
As to the statistics of Restructuring proceedings, the numbers has been low compared to Bankruptcy proceedings with an annual number of some 200 of applications. During 2020 in the beginning of Covid-19, the number of applications for Restructuring proceedings increased reaching around 400 throughout that year. Then in 2021 it was back to some 200 applications yearly. After the new Restructuring Act was introduced in August 2022 the number of applications has decreased to below 150 for 2023. This most likely as the new Restructuring Act has a slightly higher threshold for opening a Restructuring proceeding as well as the possibility to use more tools within the proceeding makes the proceeding more complex and often more costly.
The number of Bankruptcy proceedings filed has been quite the same during 2014 to 2022 with around 7,000 proceedings a year. For the latest years the numbers of proceedings are 7,296 in 2020, 6,463 in 2021 and 6,849 in 2022. However, in 2023 the numbers have increased to 8,858 and now in the beginning of 2024 the increase is significant with around 50 % more bankruptcies monthly than during 2023. The are some areas that are more affected than others such as hotel and restaurants, consultants and building contractors. The shift is due to changes in the economy, both internationally and domestically, as well as the increase in Swedish interest rates. Additionally, the tax reliefs given by the Swedish state during Covid-19 are now to be repaid which makes the environment tougher for many companies.
Further statistics from Sweden and other jurisdictions can be found on our website here.
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| Eurofenix Summer Edition: Read our Book Reviews |
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Book reviews featured in this Spring's Eurofenix:
• Re-examining Insolvency Law and Theory: Perspectives for the 21st Century - reviewed by Professor Emeritus Bob Wessels, Universiteit Leiden / Leiden University
• Moss, Fletcher and Isaacs on the EU Regulation on Insolvency Proceedings - reviewed Eugenio Vaccari, Senior Lecturer in Law, Royal Holloway, University of London, University of London
• Corporate Insolvency Law: A Comparative Textbook - reviewed by Eugenio Vaccari, Senior Lecturer in Law, Royal Holloway, University of London
We regularly feature book reviews and previews in our quarterly journal, Eurofenix, that we think are relevant and interesting to our members and readers, so if you'd like to suggest a book for a future edition, please contact our book editor Paul Omar.
If you would like to contribute an article to a future edition or are interested in advertising opportunities, please contact publication manager Paul Newson.
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You can take a look at these reviews and the other featured articles here.
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| INSIDE Story: Corporate Purpose vs Corporate Interest in Luxembourg |
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The concepts of “corporate purpose” and “corporate interest” of a commercial company, whilst fundamental for corporate governance of Luxembourg companies, are not defined in Luxembourg law or jurisprudence.
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In this Inside Story, authors Sofia Polykandrioti and Michael Scott of Loyens & Loeff, Luxembourg explore these concepts with a focus on restructuring and insolvency situations by: (i) examining the features of each concept, (ii) considering which corporate body is responsible for assessment of the concepts, and (iii) discussing, in brief, the judicial assessment of the concepts when restructuring plans are being sanctioned. Read the full story here.
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| Richard Turton Award 2024: Last chance to enter! |
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Applications deadline: 14 June 2024
Richard Turton had a unique role in the formation and management of INSOL Europe,
INSOL International, the IPA (English Insolvency Practitioners Association) and R3 (Association of Business Recovery Professionals in the UK). In recognition of his achievements, these four organisations jointly created an award in memory of Richard. The 2024 competition is now open for anyone who is a national of a developing or emerging nation; works in or studies insolvency & restructuring law and practice and is under 35 years of age.
“In the context of systemic crisis caused by COVID-19, the Richard Turton Award represented a unique opportunity to raise awareness of the problems of insolvency legislation in Latin America. [...] Winning the award has allowed me to consolidate as part of the new generations of lawyers who spread this branch of law.” Carla Cervantes Villacorta, 2020 Winner
The successful applicant will be asked to write a paper of 3,000 words on a subject of insolvency or turnaround agreed with the panel. This paper will be published in summary in one or more of the four Member Associations' journals and in full on their websites. The winner will be invited to attend the INSOL Europe Annual Congress in Sorrento, 3-6 October, expenses paid.
For more information and to apply, visit the Richard Turton Award page here.
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| Forthcoming Events & Discounts for Members |
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ERA Online Conference, 3-4 June 2024 - 25% Discount for INSOL Europe Members
This year's conference will focus on access to and enforcement of digital assets and the treatment of digital assets as part of the insolvency estate. In addition, there will be a debate on different restructuring schemes in Europe, a report from Brussels on the state of play of new legislative initiatives and a case law review of recent CJEU judgments on cross-border insolvency proceedings. The online event involves many INSOL Europe members, including Stefania Bariatti, Michal Barlowski, Reinhard Dammann, Rita Gismondi, Ilya Kokorin, Antonio Leandro and Irene Lynch Fannon. For further information and to register, visit the ERA website.
INSOL Europe members can benefit from a 25% discount using the code 25Insol124D63.
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Regional Event in Serbia, with UNCITRAL and EBRD
Friday 7 June 2024 will see a conference taking place in Belgrade, Serbia on the theme of cross-border insolvencies. Jointly supported by UNCITRAL, EBRD and the Bankruptcy Supervision Agency of Serbia (BSA), the one-day event will consist of 3 panels exploring legislative approaches, judicial perspectives and practitioner experience with cross-border insolvency texts, particularly the Model Laws adopted by UNCITRAL. Panellists will include prominent academics, judges, policy-makers and insolvency office-holders from the Balkan Region. Find out more by email at: uncitral@un.org
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SAVE THE DATE! The 18th annual R3 & INSOL Europe Conference on cross-border restructuring and insolvency returns to London on 27 June 2024.
The one-day conference is aimed at all restructuring and insolvency professionals with an interest in cross-border matters. This conference is aimed at all professionals interested in cross-border restructuring and insolvency, including financial advisers, lenders, distressed asset investors, judges and academics. INSOL Europe will be hosting a panel on sanctions, chaired by Damien Murren (Teneo, Ireland; Council member and Country Co-ordinator for Ireland). Find our more and register here.
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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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| www.insol-europe.org |
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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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