Industry News Sponsored by

Joint project between LexisPSL and INSOL Europe on the recognition of foreign decisions in different EU countries - report published

Apart from the European Insolvency Regulations applicable only between EU Member States, a few international instruments deal with the recognition issue relating to insolvency (and insolvency-related)…

New Projects on the Horizon at UNCITRAL

In the week of 13 December 2021, UNCITRAL’s Working Group V on Insolvency Law met largely via UNCITRAL’s Interprefy platform, given the continued threat and restrictions of the COVID 19 pandemic (no…

INSOL Europe Yearbook 2022 - Call for Papers

As one of the new initiatives for 2022 INSOL Europe has decided to launch a Yearbook project. The first Yearbook is scheduled to be published during INSOL Europe's Dubrovnik Annual Congress from 6-9 October…

Annual Congress 2022 - Dublin - Registration now open!

Registration is now open for our Annual Congress in Dublin, 3-6 March 2022. Find out more and register your place here.

News

European Commission’s Experts’ Group Update
In Quest of a Harmonisation: Tilting at Windmills?
Report by Myriam Mailly (Technical Officer) and Paul Omar (Technical Research Coordinator)

After finishing work on the Preventive Restructuring Directive (PRD) in 2019, the European Commission’s Experts’ Group in Restructuring and Insolvency (ECEG) resumed its work after a long hiatus in April 2021. This time, it is looking at new proposals for possible greater convergence in substantive insolvency law that have been floated in the wake of an outline impact assessment (December 2020) and a subsequent public consultation (open till April 2021).

Prompted by the Capital Markets Union (CMU) Action Plan and realisation of the internal market significance of insolvency law fragmentation arising from studies during the PRD development phase, the difference in insolvency outcomes is seen as a strong factor in investment decisions and a barrier to cross-border investments. As such, it has been felt necessary to examine whether further convergence or harmonisation can be attempted. A further study and impact assessment will be commissioned to confirm these findings as work progresses.

The role of the ECEG is to look at sensitive core aspects of insolvency law (often intertwined with other key aspects of domestic law) and to determine what might be possible for harmonisation. A “rich bouquet” of different issues has already been identified as possible targets during impact assessment, including some substantive topics, some procedural issues and some capacity building elements (including developing court and IOH capacity). In terms of a substantive approach, the ECEG is to work on outlining a variety of possible outcomes, ranging from the extent of harmonisation desired to the type of text that might embody the findings of the group.

Over the course of 2021, the plan is for the ECEG to meet 7 times with the ultimate endpoint scheduled for 2022 Q2. The ECEG is working via sub-groups (clusters) tasked with formulating recommendations on procedural issues, ranking of claims, asset-tracing, avoidance actions, directors’ liability, IOH qualifications and judicial training. The 3 meetings that have already occurred (12 April, 10 May and 22 June) have produced recommendations that are currently being examined by the European Commission.
  BENCHMARKS  
Loading Time: Base Classes  0.0065
Controller Execution Time ( News / News Details )  0.0311
Total Execution Time  0.0378
  GET DATA  
No GET data exists
  MEMORY USAGE  
4,954,264 bytes
  POST DATA  
No POST data exists
  URI STRING  
news/details/european-commission%E2%80%99s-experts%E2%80%99-group-update
  CLASS/METHOD  
news/news_details
  DATABASE:  insoleur_main   QUERIES: 45  (Show)
  HTTP HEADERS  (Show)
  SESSION DATA  (Show)
  CONFIG VARIABLES  (Show)