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Dear Members
June has been a busy month for me and the whole INSOL Europe team, with several events taking place. In fact, I have recently returned from our annual joint conference with R3 in London where I opened the day and spoke on a panel about Multi-process restructurings. Our panel discussed why more groups of companies are resorting to multiple processes in different jurisdictions to deliver a restructuring, and what are the issues that need to be thought through when managing such processes in practice? The day was very informative and ended with a speech from Lord Justice Snowden on the current landscape in the cross-border restructuring space. Lord Justice Snowden will also be speaking at our Annual Congress in Sorrento later in the year, so if you missed the opportunity to see him in London, be sure to register for our Annual Congress as we guarantee his opinions are well worth hearing!
I have also recently returned from Krakow in Poland where we held our annual EECC Conference, attended by over 80 delegates from over 20 countries, including a high majority from Poland. This is a great opportunity for our Eastern European members to network with their Western colleagues and always creates lasting memories… not least for the social programme that followed! Some great photos have been published from the event below, and a full write-up will be included in the Summer edition of Eurofenix.
Following on from last month, we are inviting you all to take part in a very short survey to get some feedback on how the association is doing and what you think can be improved. It will only take 1 minute of your time so I urge you to take part and air your views.
Another way to take part is to get involved on our Council, which represents the interests of the whole membership. This year there will be several vacancies including a new seat for Luxembourg, who at the time of writing have 38 members – well above the minimum of 30 which is required to gain a seat on Council. If you think you can contribute to the running of the association, please take a look at the list of available seats and nominate yourself.
Elsewhere in this month’s newsletter we have an update on Danish insolvency statistics and an Inside Story from Belgium. The Academic Forum is launching its latest Technical Publication from papers presented in Amsterdam, and we focus on our Insolvency Tech & Digital Assets wing in our Working Groups spotlight.
Finally, please do enjoy the warm weather we are finally experiencing while it lasts…
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: Substance and Form in Krakow |


Our 2024 EECC Conference in Krakow took place from 13-14 June and was attended by over 80 delegates. A wide range of photographs has now been published in our Event Gallery. A full report will be published in the Summer edition of Eurofenix.
With thanks to our Main Sponsor:

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Member Satisfaction Survey: How are we doing? |

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Click Here to take part in our 1-minute survey!
As part of our ongoing research to shape our goals and strategy for the coming years, we will be asking our members a few brief questions each month on various topics.
This month, we invite you to participate in a quick poll to tell us if INSOL Europe meets your needs and expectations, and how we can improve. The survey takes just one minute, but your feedback can make a significant difference.
Please click the link above to share your thoughts!
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New Technical Publication: The Perpetual Renewal of Insolvency Law |
“The Perpetual Renewal of European Insolvency Law” was the focus of the discussions held at the nineteenth INSOL Europe Academic Forum Annual Conference on 11-12 October 2023.
The landscape of European insolvency law is in a state of constant evolution, driven by the need to address the complexities of a dynamic and interconnected economic environment. These conference proceedings seek to explore and illuminate the multi-faceted nature of insolvency law within the European context, highlighting its continuous development and adaptation in response to both internal and external challenges.
The book is published online and is available as a free download for members.
Visit our website here to download your copy.
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The Academic Forum is pleased to acknowledge the generous sponsorship
of Edwin Coe LLP and their ongoing support of our activities

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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.
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National Insolvency Statistics Update: Denmark |
In Denmark, the number of declared bankruptcy proceedings in 2023 was 6,948. In comparison, there were 7,818 bankruptcy proceedings in 2022 and 8,339 in 2021. In 2020 the number was low with only 5,614 declared bankruptcy proceedings compared to 8,474 in 2019, writes Michala Roepstorff (Partner at Plesner and INSOL Europe Country Coordinator).
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The explanation to this is found in the government's COVID-19 initiatives, where companies were given extended deadlines to pay taxes, receive loans from the state, etc. As a result, a number of bankruptcies were postponed which may have influenced the numbers for 2021 and 2022. For a historical overview the average number of declared bankruptcy proceedings in the period 2009-2022 is 6,187 per year.
In 2023, the bankrupt companies had an average of DKK 7.7 million in annual revenue, which is 7 % below the average for the period 2009-2022. However, 63 % above the average for 2021, which was impacted by COVID-19.
Hereto, the bankrupt companies employed 4.8 full-time employees prior to the bankruptcy. When comparing the average number of full-time jobs affected, 2023 was 12% lower than the annual average for the period 2009-2022, but 14% higher than in 2021. The employment numbers for 2021, was likewise affected by COVID-19, and were extraordinarily low when looking at all the years since 2009.
The rules regarding Preventive restructuring proceedings went into force in Denmark on 17 July 2022. In 2023 only 7 cases were filed, compared to 9 cases in 2022. The intention with the rules is to give a more flexible restructuring process, facilitating the companies/business with tools which may enable them to act on an earlier stage and prevent bankruptcy proceedings. In general, the preventive restructuring proceedings have been used less than intended by the legislator.
After the implementation of the preventive restructuring proceedings, the rules on restructuring applicable prior to the implementation can be defined as the Regular restructuring proceedings. In 2023, 120 cases regarding regular restructuring proceedings were filed. To comparison, numbers from 2022 show filings of 139 cases in total. In 2021 the number of regular restructuring proceeding files was 65 times, and 79 times in both 2020 and 2019.
In 2023 the courts received 6,858 cases regarding compulsory dissolution (in Danish; "tvangsoploesning"), most of which led to bankruptcy proceedings, which is reflected in the numbers above regarding bankruptcy.
Sources: Statistics Denmark; Courts of Denmark
Further statistics from Denmark and other jurisdictions can be found on our website here.
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INSIDE Story: The Enigma of Software Licences in Insolvency Cases |
In today’s rapidly evolving business landscape, businesses find themselves at the intersection of technological innovation and geopolitical and economic turbulence.
Despite the increased reliance on software systems and digital infrastructure, it remains peculiar that, in many EU Member States, there is still no clear framework for handling software licences in insolvency.
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In this Inside Story entitled ‘Navigating Uncertainty in Belgian Insolvency: Technology-Driven Businesses and the Enigma of Software Licences’, Jente Dengler (Lead Lawyer, Insolvency Dispute and Resolution, DLA Piper UK, Brussels, Belgium) explores the enigma of software licences under Belgian insolvency law in a wider EU context, demonstrating the need to bridge the gap between legal frameworks and technological realities as to ensure that software assets receive the attention they deserve in times of financial distress. Read the full story here.
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Introducing our Working Group: Insolvency Tech & Digital Assets Wing |
INSOL Europe is fully aware of the increasing relevance of new technologies in all practice areas in which our members are active. For this reason, a specialized working group was established in April 2019, the Insolvency Tech & Digital Assets Wing (ITDA).
This wing is open to all INSOL Europe members with knowledge, expertise or just a solid interest in legal technology and digital assets.
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The wing’s tasks are to:
- Study & develop legal framework for insolvency tech & digital assets;
- Educate & train INSOL Europe members through conference panels; specialized conferences / seminars / meetings; regular contributions and columns in Eurofenix dedicated to insolvency tech & digital assets; and
- Find new members for INSOL Europe, including new types of members from the insolvency-tech industry.
ITDA has also started a Worldwide Digital Assets Case Register providing a summary of cases and judgements concerning digital assets which will be useful for all insolvency specialists. Summaries per countries are available here.
The group is co-chaired by Dávid Oršula (Slovakia) and Laurent Le Pajolec (Poland).
For further updates visit the group's page on our website.
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The Insolvency Tech & Digital Assets Wing is kindly sponsored by:

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INSOL Europe Council: Retirements and Vacancies |

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This is the time of year when we consider retirements from and elections to our Council.
In October there will be one general (non-reserved) seat vacancy on Council, which is open to any member. Countries with 30 or more members are entitled to a reserved seat on Council and in October this year, vacancies will arise for the following seats: Belgium, Ireland, France and Spain. Luxembourg now has over 30 members so a new seat is available on Council.
Full details of the nominations process can be found on our website.
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Register today for the INSOL Europe Academic Conference, Sorrento! |
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Download the Technical Programme
On behalf of the INSOL Europe Academic Forum, we are delighted to invite you the most important event of the year for insolvency academics in Europe, the INSOL Europe Academic Forum Conference, taking place on from 2-3 October in Italy.

This year, the conference will take place in the wonderful town of Sorrento, between the breath-taking Amalfi coast and the historical sites of Pompei and Herculaneum, easily accessible from nearby Naples. The conference programme, however, will stand in sharp contrast to the archaeological surroundings and will focus on the present and future of European insolvency law. Find out more and register your place on our website here.
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INSOL Europe Annual Congress Sorrento: Registration Now Open! |

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Download the Technical Programme
We are pleased to announce that registration is open for our Annual Congress in Sorrento from 3-6 October 2024, which is now only four months away!
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 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.
Find out more on our website here.
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With thanks to our Annual Congress Main Sponsor:

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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.
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Thanks to our General Sponsors
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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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