Update from Athens


Following our meeting at the Athens Congress we decided to pursue the Model Law to implement the preventive restructuring framework directive which, as we learned during the congress, is going to be approved probably this year. The NPL Project will not be abandoned but priority will be given to the Model Law Project. Once we have certainty on the final text I will send out a redraft of our last paper in order to start article by article to craft the Model Law. In the meantime I would very much suggest that you get through your local legislation in order to be ready.
News from Cascais

INSOL Europe’s Turnaround Wing met in Cascais at the Annual Congress under the co-chair of Alberto Núñez-Lagos, outgoing President of INSOL Europe.

The main topic for discussion was to identify a project for the next period. Alberto handed over to the members a paper in which the suggestion was made to discuss rules or guidelines on how stakeholders and advisors should behave in an out of court restructuring. Alberto also suggested other topics mainly related to pre-insolvency and out of court restructuring.

After a very open and interesting discussion it was decided that the Wing shall discuss and conclude how the implementation of the future directive on pre-insolvency should be structured. In this regard, the Wing will start prior to the enactment of such legislation to exchange information on existing pre-insolvency systems in Europe.
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