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:
- The debtor’s duty to disclose
- Exception to the duty to disclose
- Confidentiality in preventive restructuring proceedings
- Disclosure by the debtor to non-affected creditors
- 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.