CERIL

On 20 and 21 April 2023, CERIL organised a conference on harmonisation of EU insolvency law. In a paper titled “An Assessment of the EC Proposal on Harmonisation of EU Insolvency Law”, Gert-Jan Boon (CERIL Secretary/Treasurer) and Defne Tasman (CERIL Adjunct Secretary) analyse the European Commission’s Proposal for a Directive Harmonizing Certain Aspects of Insolvency Law and report on the discussions during the CERIL International Conference.

EC Harmonisation Proposal

The paper touches upon the European Commission’s proposal towards harmonising substantive aspect of insolvency law (EC Proposal), that was published on 7 December 2022. The EC Proposal seeks to minimise divergences between Member States by addressing seven distinct topics, including (i) avoidance actions, (ii) asset tracing, (iii) pre-pack procedures, (iv) duty to file for insolvency, (v) rules for the efficient winding-up of insolvent microenterprises, (vi) creditors' committees and (vii) measures to increase the transparency of national insolvency rules. These are mostly standalone topics with limited coherence but touch upon core rules of insolvency law in many Member States.

CERIL International Conference

In April 2023, the two-day CERIL International Conference took place in Leiden, Netherlands, bringing together around 90 participants from over 20 European countries, creating a platform to dissect and discuss the potential implications of the EC Proposal. With speakers representing the European Commission, academia, judiciary and practice, the conference covered the seven topics of the proposal, discussing various potential benefits and shortfalls that a proposed harmonisation could bring. The results of the conference have been published by International Corporate Rescue.

Download

Click here to download the full paper.

This article first appeared in Volume 20, Issue 6 of International Corporate Rescue and is reprinted with the permission of Chase Cambria Publishing - www.chasecambria.com.