It is with great sadness that we report the passing away of a dear friend and colleague, Ian Fletcher, on 21 July 2018. Prof. em. Ian F. Fletcher, QC (hc) was a founding conferee of CERIL and a member of the Executive. He was 74.
The role of directors changes as national insolvency law evolve and encompass preventive and/or restructuring insolvency proceedings in national jurisdictions. Directors’ roles - their rights and obligations - arising after opening and until closing of preventive insolvency proceedings need to be understood in order to establish grounds of their liability.
Under the EU 2015/848 Insolvency Regulation (recast) of 20 May 2015 insolvency proceedings of members of a group of companies have their own set of rules, see Chapter V (Article 56 et seq.). Prior to these rules, the restructuring and insolvency of parents and subsidiaries was not regulated.