CERIL

In CERIL Report 2022-1, CERIL identifies that information plays a key role in the corporate insolvency process and preventive restructurings. Taking the debtor’s viewpoint, CERIL recognises the significance for a debtor to be able to keep certain information confidential, while identifying the need to impose a duty of disclosure on debtors.

With the EU Restructuring Directive (2019/1023) being silent on confidentiality, secrecy and privilege of information, this is CERIL’s timely first report in a project on reviewing the preferred position of insolvent debtors, insolvency practitioners, and courts and other insolvency authorities. This first part of the study considers the position of the debtor, including:

1. The debtor’s duty to disclose
2. Exception to the duty to disclose
3. Confidentiality in preventive restructuring proceedings
4. Disclosure by the debtor to non-affected creditors
5. Cross-border issues: applicable law, and cooperation and communication

This Statement and Report were prepared by:

Reporters:

• Prof. Bob Wessels
• Prof. Ignacio Tirado

Research Associate: Dr. Shuai Guo

Download

The CERIL Statement 2022-1 can be downloaded here.

The CERIL Report 2022-1 can be downloaded here.