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Dear Members

As we draw a close to 2023, I would like to take the opportunity to relive a few highlights from the last few months and give thanks where needed.

It was an honor to take over as President in Amsterdam from Barry Cahir, at the record-breaking Annual Congress, which sold out with over 500 delegates combined at the main Congress, Academic Forum, Judicial Wing, and Young Members drinks reception (always the hottest ticket, I'm assured!) and several other side-meetings. It's good to know that in the face of competition from other events for our time and expense, our Annual Congress is still the highlight for many of our members and we look forward to consolidate this achievement.

Our conference in Vilnius (Lithuania) showed the importance of keeping a presence in eastern Europe and giving a stage for some our particularly affected members such as Iryna Zharonkina of Pravo-Justice in Ukraine, to remind us of the harsh realities facing some of our members, and also a large number of civilians, in just one of the civil wars that are happening in many places right now. I was honored to take part in the online conference organized by Pravo Justice in August, and provide the contribution of INSOL Europe, and mine on the discussion aimed at easening Ukraine in the process of meeting the requirements, also in insolvency and restructuring, set by the EU.

INSOL Europe also co-labelled, supported, or was represented at many other events around Europe including in France, Luxembourg, Romania, Portugal, Belgium, Spain, Germany, Italy and UK to name a few. We have already announced several events for next year and there are more to come... watch this space!

I would like to take this opportunity to thank our fabulous and dedicated core team of Paul Newson, Hannah Denney, Emmanuelle Inacio, Harriet Taylor and Natasha Sable, who keep our association on track on a day-to-day basis and put in a tremendous amount of work to ensure the plain sailing of all our membership systems, technical resources, communications and event planning.

We must also thank our loyal sponsors for supporting INSOL Europe through thick and thin - they are listed at the bottom of this email, but their names are worth repeating for emphasis: Aon, Hilco, Infino, Kellerhals, Mazars, Teneo and Wedlake Bell. Thanks must also go to our loyal Annual Congress sponsors, NetBid, at the top of a long list or regular supporters who help us guarantee the success of our flagship event every year.

Finally, I would like to thank all our members - now a list of over 1350 and steadily growing - ensuring a constantly evolving pool of experts to share knowledge with - not just at our events but throughout the year - whether taking part in a panel, writing for Eurofenix or being part of one of our working groups. You are all valuable members and I look forward to hearing from you next year with any thoughts or plans you may have.

Before we take our traditional break over the next couple of weeks, let’s all take a moment to think about those in our world who are less fortunate than ourselves - some extremely less fortunate - and let’s hope that 2024 will bring a peaceful resolve to us all.

Until next year…

Giorgio Corno
President, INSOL Europe


Giorgio Corno
President of
INSOL Europe


This issue is kindly
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DLA Piper is a global law
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in more than 40 countries
throughout the world.

INSOL Europe stengthens links with local associations

Working with our Country Coordinators, we have started a programme to develop a close relationship with the relevant National Association (or similar body) in each jurisdiction covered by our members. With these agreements, we hope to increase the flow of information between the bodies, and work together on future events (such as the ARE conference reported below).

We are very happy to report that most recently we have signed with the German association 'Distressed Ladies' and APDIR in Portugal, bringing the total up to 9 agreements, with many more in the pipeline.

A full list is shown below and on our website here.

ARE and CEDAG Joint Symposium with INSOL Europe in Paris

Since 2022, 9 cooperation agreements have been made between INSOL Europe and local associations. One of them was signed between INSOL Europe and the French association ARE (“Association pour le Retournement des Entreprises”) which is a professional turnaround association gathering over 300 members in France.

On 5 December 2024, ARE & CEDAG (“Centre des Affaires et Gestion”: the research lab of Paris Descartes University) organised a joint symposium in cooperation with INSOL Europe titled “Cross-views on the EU’s various newly introduced restructuring plan regimes” in the building of Paris Cité University’s School of Medecine (12 rue de l’Ecole de Médecine) classified as a historical monument.

The joint event covered the practical aspects of the transposition of the Directive on Restructuring and Insolvency in Germany, the Netherlands, Spain and France on preventive procedures, the role and powers of shareholders, the composition of classes of affected parties and litigation related to restructuring plans.

Our members Céline Domenget-Morin (WEIL GOSTHAL, France), Hélène Bourbouloux (FHBX, France), Justice Elsbeth de Vos (Rechtbank Amsterdam, The Netherlands), Adrian Théry (Garrigues, Spain), Robert Hänel (Anchor, Germany) and Andreas Spahlinger (Gleiss Lutz, Germany) were speaking at this event.

The last panel of the event gathered representatives of the Ministry of Justice, Ministry of Economics and Finance, the president of the Commercial Court of Nanterre, the director of the CEDAG and the vice-president of ARE to discuss on future developments of French restructuring and Insolvency law as well as on the future Directive harmonising certain aspects of insolvency law.

Our INSOL Europe President Giorgio Corno delivered concluding remarks in French and emphasized on the aim of the agreements between INSOL Europe and local organisations which is to facilitate and stimulate cooperation, support, promotion, exchange of relevant information and organising successful co-labelled events.

Luxembourg's new insolvency law represents a change in mindset

On 5 December 2023, EY Luxembourg and Dentons hosted an event focusing on legal updates related to the preservation of companies, the modernisation of bankruptcy law and the implementation of EU Directive 2019/1023. 

The conference included presentations on important aspects of the Belgian and Luxembourg laws and was attended by over 60 delegates.

A panel discussion moderated by John Tan (EY Restructuring Luxembourg) and Martine Gerber-Lemaire (Dentons), with panellists Ivan Verougstraete (Former president, Court of cassation Belgium and Beneluxcourt), Bart De Moor (Strelia, Belgium and INSOL Europe Country Co-ordinator), Andreas Ziegenhagen (Dentons, Germany) and Laurent Fisch explored the experience of neighbouring countries with implementing the European restructuring directive in recent years.

A full report by Laurent Fisch (an insolvency professional based in Luxembourg City) can be read here.

National Insolvency Statistics Update: Croatia

Jelenko Lehki (LEHKI LAW OFFICE and INSOL Europe Country Coordinator) has summarised recent statistics in Croatia.

Over a five year period, the number of new cases has fluctuated, with a steady decline in the last 3 years. During 2020, there were 4796 new cases. It is relevant to say that the decline in 2020 was due to 6 months of moratorium and further Government support after the start of the COVID 19 pandemic. 

In 2021, the numbers rose to 8815, but declined to 7422 in 2022, which is close to the pre pandemic number of 7,166 new cases in 2019. This was, at the time, a significant decrease in relation to 9,207 new cases in 2018.

In the first 6 months of 2023 there were 3372 new cases registered in the Commercial courts (1634 of which or 48% were ‘summary insolvency proceeding’ cases for debtors that have no employees nor assets (initially known to court)). In terms of percentage, that would be a decrease of 10% in the time frame of the first 6 months in relation to numbers for 2022 which had 7422 new cases in total. Based solely on general statistics, the number of cases includes both restructuring (predstečajni postupak) and insolvency cases (stečajni postupak) since they both get the same court number designation “St“. The number of restructuring cases is still marginal/negligible.

As the data is analysed, the number of new insolvency cases is in the decline in the first half of 2023, however, the effect of the strike in the Courts, which started in March and ended in the beginning of the July 2023, cannot be excluded. The courts were receiving new cases, but the standstill in procedures could have resulted in the reluctance of debtors or creditors to file the petitions.

Further statistics from Crotia and other jurisdictions can be found on our website here.


Eurofenix: New mechanics of restructuring in Luxembourg

The Autumn 2023 edition of Eurofenix is available to view online, featuring reports, case studies, European law updates and conference news, as well as many other updates.

Featured in the Autumn edition, Thibault Jauffret (Associate, LexField, part of Mourant, Luxembourg) writes on the major reform of the insolvency framework in Luxembourg, implementing the Directive on Preventive Restructuring and Insolvency in an article entitled 'The new mechanics of restructuring in Luxembourg'. 

Take a look at the full article on page 34 of the Autumn edition here.

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

INSIDE Story: New Possibilities with Parallel Dutch Schemes

As has been extensively reported, on 1 January 2021, the wet homologatie onderhands akkoord (WHOA) went into effect in the Netherlands, and with it the ‘Dutch Scheme’ as the first Dutch restructuring plan.

Surprisingly, the Dutch Scheme was initially used principally by small corporations. During the last year, however, larger national and multinational businesses have started using the Dutch Scheme as a vehicle for reorganization.

Dutch Schemes have been increasingly used as parallel proceedings in multinational group restructurings, pending simultaneously with, for instance, proceedings in the United Kingdom and/or the United States. With the recent restructurings of Dutch shipping company Vroon Group (in which Jones Day advised the shareholders) and American-German Diebold Nixdorf and its subsidiaries (Diebold—in which Jones Day was involved as debtors’ counsel), case law on parallel proceedings is developing quickly. 

In this update, Jasper Berkenbosch, Sid Pepels Roos Suurmond of Jones Day, Amsterdam discuss some recent developments regarding parallel Dutch Schemes.

Read the full story and all our Inside Stories on our website here.

EU Insolvency Law and Third Countries: Which way(s) forward?

On 26–28 October 2023, the University of Kiel hosted a conference titled “EU Insolvency Law and Third Countries: Which Way(s) Forward?”.

The conference was one of the fruits of a research project coordinated by Professors Alexander Trunk (University of Kiel) and Jasnica Garašić (University of Zagreb) and including over 30 researchers from across Europe and more widely.

Supported by UNCITRAL and financed by the Fritz Thyssen Foundation, the project was also conducted in cooperation with representatives of the European Commission and the Hague Conference on Private International Law (HCCH). At the conference, the first results from the project begun in 2002 were presented and discussed with academics, judges, professionals, policy-makers and researchers. The conference was also preceded by a Young Researchers’ Forum on the morning of 26 October.

Over the three days of the event, many cogent issues were debated, including the lack of a satisfactory framework to deal with cross-border insolvency with an extra-EU effect. The recourse to private international law rules risked divergence in outcomes, albeit giving some scope for the development of international law principles and the further development of comity. Nonetheless, the importance of a coherent approach to third-country impact of insolvencies was seen as a must, particularly to enable cross-border restructurings of globally active business entities. As such, from the conference emerged suggestions that future amendments of the European Insolvency Regulation take these issues onboard and that solutions at the international level also be included in the UNCITRAL and HCCH work programmes.

The Fraud Conference 2024 - Now only 2 months to go!

Now only 2 months to go! - Register here for £345

Returning for a fourth year, the Fraud Conference is back on 29 February 2024 at the Royal College of Physicians, London, hosted by the Fraud Advisory Panel, INSOL Europe and R3. INSOL Europe members can register at the special rate of £345.

EECC Conference 2024: Save the Date!

Save the date! Our next EECC conference will be held in Krakow, Poland, 13-14 June 2024. Details to be confirmed soon.


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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.