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INSOL Europe news and offers
January 2021

Dear Members

I hope you all had a safe and healthy transition into the new year and are keen on participating in INSOL Europe’s activities in this special year.

And what a special year this is! When you have opened this first INSOL Europe newsletter of 2021, I hope you have immediately noticed our brand-new golden 40th anniversary banner, which will appear in all INSOL Europe related communications throughout my Presidency. Indeed, INSOL Europe was established 40 years ago and 2021 is therefore a special year to celebrate. Although we will be primarily digitally connected, we will, of course, celebrate this unique jubileum. In its 40 years’ existence, INSOL Europe has come a long way and has established itself firmly as primary point of contact for all other professional and governmental organisations in our profession. This is the result of many years of hard work of a lot of people, to whom we owe huge gratitude.

Unfortunately, 2020 ended for INSOL Europe with the announcement of Catherine Dyke-Price that she would resign from her role as Chief Operating Officer, since she felt this position in the end did not suit her personal ambitions. INSOL Europe is extremely grateful to Caroline Taylor for stepping into Catherine’s role on an interim basis, awaiting a final solution moving forward. Caroline has been “on the job” since then, ensuring that the INSOL Europe secretariat and other staff could continue to operate as usual. In fact, all other staff members have joined forces to help the Executive navigate these somewhat rough waters. Having said that, I am glad to be able to report that a final solution is well on its way! 

The new year started off successfully with our Academic Forum Webinar on 20 January 2021 with 55 participants and lively discussions under the guidance of Tomáš Richter (Chair of the Academic Forum; Charles University Prague). Next week, on 2 and 3 February 2021, the Anti-Fraud Webinar, titled “Preparing for the new world: A toolkit for action” will follow. I invite you all to participate in this joint event of INSOL Europe, R3 and the Fraud Advisory Panel. As per today, over 100 delegates have already registered. Speakers will provide unique insights into topics related to global financial crime including tackling rogue companies, cryptocurrency fraud and digital forensics.

Since for the time being we will continue to connect with you digitally, preparations for our online Spring 2021 Conference on 4 and 18 March 2021 are now in full progress and you will find further information below in this newsletter. We are very lucky to have found Clarissa Nitsch (Co-Chair of the Young Members Group / Binder Groesswang Attorneys at Law, Austria) and John Briggs (South Square, UK) prepared to act as Co-chairs for this event.

I am sure you will be interested to hear about the IWIRC and III “Women at the Forefront of International Insolvency Symposium” which will feature six panels from 1 March - 8 March, focusing on international insolvency issues.  With over 30 women from 20 different countries on the panels, this is a first of its kind. On 8 March, International Women's Day, there will be a very special leadership panel with seven of the female Chairs/Presidents of the leading insolvency associations, including our immediate past-president, Piya Mukherjee (Partner, Head of Restructuring and Insolvency, Horten Law Firm, Denmark). A link to the event is in the 'Dates for your Diary' section at the end of this newsletter.

In the meantime, the first session of our new digital series “Coffee Breaks: Connecting Minds 2021” will concentrate on developments in Latvia and will be published shortly. This was possible due to our Country Coordinator Edvins Draba (Sorainen, Latvia), whilst preparations for further sessions are on their way. Our Country Coordinators will play an active role in these too.

On 15 April 2021, INSOL Europe and INSOL International will organize a joint online event. I request you all to keep this date in mind. Teams of both our organisations are preparing an interesting “cross-atlantic” programme for you all to attend.

You will also find in this newsletter updates on new publications, a new consultation on a new European insolvency instrument, and a new tracker on the implementation of the Directive - so please do read down to the end of this edition!

Many thanks to all those who contributed to this newsletter and enjoy reading it. Please also visit the INSOL Europe website to stay up to date with our initiatives. 

Please stay safe and careful! 

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.

2021 Spring Online Conference - Register today!

Our 2021 Spring Online Conference: 'Don't Worry, Restructure!' is open for registration and is now only 6 weeks away. Conference Co-Chairs Clarissa Nitsch (Co-Chair of the Young Members Group / Binder Groesswang Attorneys at Law, Austria) and John Briggs (South Square, UK) are preparing a fascinating programme for INSOL Europe: not to be missed! 

There will be two sessions (4 & 18 March) held on Zoom, each lasting 1.5 hours, both facilitated by Chris Laughton (Mercer & Hole, UK). Each session will feature a Keynote speaker and two live panels with a hand-picked selection of international experts speaking on a range of highly relevant and important topics including:

  • EU Directive on Restructuring and Insolvency (update on transposition)
  • Aviation in crisis
  • Jurisdiction, recognition and enforcement under Brexit: the UK and the EU
  • Experiences on the front line – insolvency practice in the pandemic.

Registration will be €50+VAT for members or €75+VAT for non-members.

Visit our website for the latest updates and to register your place!

Kindly Sponsored by

Webinar Report: The Inauguration of a New Year in Insolvency

The second Academic Forum Webinar took place on 20 January 2021, attracting 55 participants from 23 different jurisdictions, report Myriam Mailly and Paul Omar.

Following a welcome by Marcel Groenewegen (INSOL Europe President), Professor Tomáš Richter (IEAF Chair; Charles University Prague) began proceedings with an appreciation for Edwin Coe LLP sponsorship. The technical programme featured presentations by Professor Gerard McCormack (Leeds) and Professor Antonio Leandro (Bari).

In his presentation, Professor McCormack suggested that both the Preventive Restructuring Directive (PRD) and UK CIGA 2020 are at the forefront of international insolvency developments. Dealing with the PRD framework set out in Articles 6-7, the observation is that there is a great deal of optionality available. The rationale for the PRD framework is the prisoner’s dilemma, its utility being to offer a free space and protection from creditor threats to block business continuity. In fact, the PRD can be viewed as building on a restructuring strategy founded upon the interests of the many outweighing those of the few.

Next, Professor Leandro stressed how primary and secondary rules offer protection for cross-border investors and the protection of legitimate interests. EU freedom of movement for capital has witnessed a trend from exclusive protection of investment through arbitration to justiciability before national courts. In this light, the impact of insolvency proceedings on investment decisions (intra-EU or external) needs to be considered as does a possible need to harmonise the “normative space”. The advent of the PRD offers the context for a harmonisation initiative, which would enhance the Capital Markets Union (CMU), thus improving access to credit, creating predictable outcomes and ensuring compliance with “fair and equitable treatment” standard.

Ending the session, Professor Richter thanked the speakers for their thought-provoking presentations and also invited further expressions of interest for future webinars being planned.

The presentation slides and a link to the conference recording will be published on the Academic Forum web-page along with a more detailed report.

Eurofenix Winter 2020/21 Edition now published in print and online

The Winter 2020/21 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:

  • Ipso Facto: Pushing suppliers into the insolvency abyss?
  • The COVID-19 pandemic: A nucleus for significant reform
  • Lessons to be learned from Nortel
  • Necessary reforms in Latin America
  • Fraud, Furlough and Facemasks
  • Conference 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

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:

  • Discounted conferences for all members
  • 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: The Dutch Scheme is in Force!

On 1 January 2021, the Dutch interpretation of the “debtor-in-possession proceedings”: The Wet Homologatie Onderhands Akkoord (WHOA), came into force. The WHOA provides for a brand-new restructuring tool, which, in our view, is a very welcome addition to the Dutch Bankruptcy Code, which dates back to 1896 and basically consists of only two types of formal insolvency proceedings for enterprises: suspension of payments and bankruptcy. 

The WHOA, also referred to in some circles as the “Dutch Scheme”, enables viable enterprises in financial distress to restructure their liabilities on a going concern basis via a restructuring plan. 

This Inside Story by Jasper Berkenbosch (Partner, Business Restructuring and Reorganization Practice, Jones Day, Amsterdam, The Netherlands) and Sid Pepels (Associate, Business Restructuring and Reorganization Practice, Jones Day, Amsterdam, The Netherlands; Doctoral Researcher, Radboud University Nijmegen, The Netherlands) briefly touches upon several of the Dutch Scheme’s key features, and contemplates on the role that this new Dutch proceeding may play in the European restructuring practice. Will it turn the Netherlands into the new restructuring hub? 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.

Consultation on a New European Insolvency Instrument: Questionnaire

As noted in the November newsletter, the European Commission has launched the process building up to a new instrument in the insolvency law field. Building on the success of the European Insolvency Regulation (Recast) 2015 and the Preventive Restructuring Directive 2019, DG Justice has taken the lead in a project arising from the work of the Experts Group on Restructuring and Insolvency and has identified possible avenues to pursue towards the convergence of insolvency law rules within the EU.

Areas of interest announced so far for this initiative include the prerequisites for commencement of proceedings (including a definition of insolvency); avoidance actions and the effects of claw-back rights; asset-tracing frameworks; directors’ duties in the vicinity of insolvency; the position of secured creditors and the balance between secured creditors and other stakeholders (e.g., employees, suppliers); as well as the issue of court expertise and the training of judges.

Following on the first phase of consultation in November 2020, in which feedback on an Inception Assessment was sought by DG Justice about the desirability of an initiative, a second phase in the consultation process has now been opened. This invites responses on the areas already identified as possible subjects of the initiative, particularly seeking statistical support for priorities to be taken into account in the next phases leading to the drafting of a text.

This is a further excellent opportunity for INSOL Europe members to help determine the shape of future insolvency law in Europe by assisting in the formulation of priorities for the European Commission initiative. To this end, INSOL Europe members in all jurisdictions, but especially those in recent EU accession and candidate countries, can help by filling out the online questionnaire, which is available at the European Commission website.

Please note that there is a simple registration process to access the questionnaire and that the deadline is Friday 26 March 2021.

New European Insolvency and Restructuring Journal launched

It is our pleasure to announce the launch of the European Insolvency and Restructuring Journal (EIRJ): the new online open access journal dedicated to insolvency and restructuring law in Europe ( EIRJ is an initiative of professors Michael Veder and Ben Schuijling of the Radboud Business Law Institute of the Faculty of Law at Radboud University (Nijmegen, the Netherlands) and has been set up in cooperation with INSOL Europe and the Academic Forum of INSOL Europe. EIRJ is published by LexIQ B.V.

EIRJ is an online, fully open access-based journal. EIRJ publishes articles with an academic connotation, articles with a practitioner connotation as well as case notes. EIRJ welcomes the online submission of articles and case notes to be considered for publication. All case notes and articles that are published in EIRJ are subject to a rigorous evaluation by the Editorial Board (and, where appropriate, other specialists in the field) by means of double-blind peer review. Each of the members of the Editorial Board of EIRJ is a distinguished academic or practitioner with an established international reputation in the field of cross-border insolvency and restructuring. EIRJ looks forward to your contributions!

New Tracker on the Implementation of the Directive launched

We are pleased to announce that a tracker on the implementation of the EU restructuring and insolvency directive is now available on the INSOL Europe website.

The tracker aims at identifying the different steps in the process of the implementation of the Restructuring and Insolvency Directive in all EU Member States, for example the working groups work in progress (if any), official drafts publicly available, the use (or not) of the extension option by national policy makers and the final texts adopted by national legislators with relevant links when available. The tracker will be regularly updated until July 2022 which will be the ultimate deadline for Member States having used the extension option provided for by Article 34(2) of the Directive.

Relevant information regarding the Directive on Restructuring and Insolvency of 20 June 2019 remains available here.

Dates for your diary: Spring 2021

As well as the events mentioned above, there are a few new events coming up in the next few weeks to put into your diary:

  • 2 & 3 February: Fraud Advisory Panel, INSOL Europe & R3 Virtual Fraud Conference - Preparing for the New World: A Toolkit For Action. Last chance to register this week!
  • 1 March - 8 March: IWIRC and III 'Women at the Forefront of International Insolvency Symposium' featuring 6 panels focusing on International Insolvency issues.  With over 30 women from 20 different countries on the panels, this is a first of its kind symposium. Further information here.
  • 8 March - International Women's Day: There will be a very special leadership panel with seven of the female Chairs/Presidents of the leading insolvency associations including Piya Mukherjee, INSOL Europe's immediate past-president. Further information here.
  • 15 April: INSOL Europe & INSOL International Joint Online Event - Save the date!


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.