CERIL Report 2023-1 on Confidentiality, Secrecy and Privilege – The Position of Insolvency Practitioners
In CERIL Report 2023-1, CERIL recognises the significance for an IP and the interests it has to take into account to have access to and availability of relevant information as a vital requirement for an efficient corporate restructuring process.
With the EU Restructuring Directive (2019/1023) being silent on confidentiality, secrecy and privilege of information, this is CERIL’s second report in the series, following its Report 2022-1 on the position of insolvent debtors. This second part of the study considers the position of insolvency practitioners. CERIL firmly recognises the necessity to have the IP involved provided with all relevant business related information. This should allow those who are involved in a restructuring process (especially creditors and shareholders) to act or decide on the basis of adequate information having been made available to them as freely and rapidly as is reasonably practicable.
Based on this central premise, in this report, CERIL has adopted seven recommendations that EU Member States may want to take into consideration when formulating or amending their preventive restructuring laws.
This Statement and Report were prepared by:
- Prof. Bob Wessels
- Prof. Ignacio Tirado
Research Associate: Dr. Shuai Guo
The CERIL Statement 2023-1 can be downloaded here.
The CERIL Report 2023-1 can be downloaded here.