CERIL Survey on EC Proposal on Harmonisation of EU Insolvency Law
On 7 December 2022, the European Commission published its long-awaited Proposal for a directive harmonising certain aspects of insolvency law (EC Proposal).
CERIL is now preparing a statement on the EC Proposal. You can participate by filling in this survey, which will inventorise the Europe-wide reception of the EC Proposal.
Take part in the survey
This online survey consists of 10 questions and takes around 10 minutes.
Please participate and send in your answers before 31 March 2023, 23:59 CEST. Your response will be processed anonymously. Results of the survey will be presented at the upcoming CERIL Conference which will take place on Thursday 20 and Friday 21 April 2023 in Leiden (the Netherlands).
About the EC Proposal
In December 2022, the European Commission presented its long expected legislative proposal for a directive to harmonise certain aspects of insolvency law (COM/2022/702 final). The European Commission puts forward measures to further develop the Capital Markets Union, which includes the harmonisation of certain corporate insolvency rules across the EU, making them more efficient and helping promote cross-border investment.
The EC Proposal focuses on the harmonization of substantive insolvency law and aims at three main targets:
- the recovery of assets from a liquidated insolvent estate,
- the efficiency of procedures, and
- the predictable and fair distribution of recovered value among the creditors.
The topics of the EC Proposal are (i) avoidance actions, (ii) tracing assets belonging to the insolvency estate, (iii) pre-pack proceedings, (iv) directors’ duty to request the opening of insolvency proceedings, (v) winding-up of insolvent micro-enterprises, (vi) creditors’ committee, and (vii) measures enhancing the transparency of national insolvency laws. Click here for the full EC Proposal and here for a synopsis.
The Conference on European Restructuring and Insolvency Law (CERIL) is an independent non-profit, non-partisan, self-supporting organisation of approximately 90 lawyers and other restructuring and insolvency practitioners, law professors and (insolvency) judges committed to the improvement of restructuring and insolvency laws and practices in Europe, the European Union and in its Member States.