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Coronavirus (COVID-19) Tracker of Insolvency Reforms

A tracker of insolvency reforms globally produced by Lexis Nexis in partnership with INSOL Europe is now available here. Plus: The CERIL Executive has published a Statement on COVID-19 and insolvency…

Mastering the media during Coronavirus

Sam MacAuslan of Project Associates has sent us this useful guide for dealing with the media in these unprecedented times. Engaging with a hostile media is an unappealing prospect for a restructuring…

COVID-19 (Coronavirus) - Events Update

As you are aware, the situation regarding the new Coronavirus is changing on an almost daily basis. INSOL Europe has been closely monitoring developments of the impact of COVID-19 at local and global…

UNCITRAL: The Plight of Small Entrepreneurs: MSEs and Insolvency on the Agenda

The 54th session of Working Group V began in Vienna with the nomination of a new Chair, Harold Foo from Singapore. The objective of the session was to consider the problem of insolvency in relation to…

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R3 & INSOL Europe International Restructuring Conference highlights
The R3 & INSOL Europe International Restructuring Conference held in London on 11 July was a magnet for European cross-border restructuring professionals. Over 70 delegates participated enthusiastically, contributing views from a range of jurisdictions including the UK, Netherlands, Ireland, Germany, Austria, Switzerland, France and Portugal.

The theme was “Cross-border restructuring: at a crossroads in the wake of Brexit?”. Case law developments allowed something of a look back, while case studies on Agrokor and Steinhoff provided the reality of the here and now. The view forward covered Directive (EU) 2019/1023 on preventive restructuring frameworks, which came into force on 16 July 2019 and requires member states to implement its provisions within two years. Also forward looking was a comparison of English and Dutch schemes of arrangement, the latter being the subject of a bill just presented to the Dutch parliament and which is expected to pass into law during 2020. Finally, four judges explained the development and planned growth of International Commercial Courts in Ireland, the Netherlands, France and Germany.

It was clear from delegates’ passionate engagement during the breaks and when networking after the conference that the direction of travel through the crossroads was similar for all jurisdictions. Furthermore, Brexit is an unwelcome diversion that will hamper cross-border restructuring involving the UK. Even though professionals will be busier on UK cross-border restructurings, non-UK mechanisms will become increasingly important tools, challenging the dominance of UK professionals in this arena.

A full report will follow shortly in Eurofenix.
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