CERIL Statement 2018-1 on Realisation of the EU Insolvency Regulation (EIR 2015) in the Member State
The European restructuring and insolvency think tank (CERIL) highlights inconsistent implementation of the EU Insolvency Regulation across Europe and calls for improving cross-border insolvency legislation and better coordination.
Initiated and chaired by Prof em. Bob Wessels, Leiden University, and Prof. Stephan Madaus, Martin Luther University, a CERIL working group conducted a survey (between October 2017 and March 2018) investigating the way in which a number of Member States (Finland, France, Germany, the Netherlands and draft legislation of Italy) have responded (or partly, or not) to the need for compatibility between the Insolvency Regulation (Recast; EU 2015/848) and these Member States’ domestic rules. From the survey it follows that legislators in Member States are rather reserved when drafting legislation to realise the recast Insolvency Regulation.
Efficient cross-border administration of insolvency cases is key for EU jurisdictions because one of its effects could be saving jobs. With businesses and investment throughout Europe, effective procedural rules promote rescue efforts and save time and costs. Presently national legislations’ rules accompanying the operation of the Insolvency Regulation prove unsatisfactory. This is the overall conclusion of a recent report by the Conference on European Restructuring and Insolvency Law (CERIL).
The CERIL Statement 2018-1 can be downloaded here.
The CERIL Report 2018-1 can be downloaded here.