CERIL Statement 2022-1 on Confidentiality, Secrecy and Privilege – The Position of the Insolvent Debtor

In CERIL Statement 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:


  • Prof. Ignacio Tirado
  • Prof. Bob Wessels


The CERIL Statement 2022-1 can be downloaded here.

The CERIL Report 2022-1 can be downloaded here.


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