CERIL

Introduction

On 7 December 2022, the European Commission published its long-awaited Proposal for a directive harmonising certain aspects of insolvency law (EC Proposal). On 1 April 2026, the final text of the Insolvency Directive (EU) 2026/799 was published, giving Member States in principle until 22 January 2029 to transpose this Directive into national law. The aspects harmonised by the Insolvency Directive regard: (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) creditors’ committee, and (vi) measures enhancing the transparency of national insolvency laws. Click here for the full EC Proposal and here for the final text of the Insolvency Directive.

Chairs

Prof. Reinout Vriesendorp, Dr. Gert-Jan Boon and Prof. Stephan Madaus

Current Projects

• Transposition of the EU Insolvency Directive (2026/799)

  The project deals with transposition questions of Directive (EU) 2026/799 of 30 March 2026 harmonising certain aspects of insolvency law (Insolvency Directive). The project will focus on: (i) avoidance actions, (ii) tracing of assets, (iii) pre-pack proceedings, (iv) the director’s duty to file, (v) creditors’ committees, as well as (vi) private international law matters related to the Insolvency Directive.

  Harmonising these topics, which closely interact with domestic law, entails an extensive legislative effort. In addition to minimum harmonisation, the Insolvency Directive offers various opportunities for national derogations. As a result, there is much discretion and therefore transposition questions to be made by Member States. While the Insolvency Directive’s objectives are to remove obstacles to the functioning of the fundamental freedoms of the Single Market resulting from fragmented domestic laws, CERIL observes that this may be limited due to the minimum harmonisation and the various derogations. This project aims to develop guidance on how to deal with the transposition question that this project brings for national legislators, as well as for others involved or engaged in the legislative processes. 

  The overal project is coordinated by: Dr. Gert-Jan Boon, Prof. Reinout Vriesendorp and Prof. Stephan Madaus. They are supported by Mr. Jordan Smit (research associate)
  The co-reporters (and research associates) per project are:

  • Avoidance actions: Prof. Catarina Serra and Prof. Rolef de Weijs

  • Tracing of assets: Prof. Antonio Leandro and Mr. Barry Cahir

  • Pre-pack proceeings: Adrian Thery

  • Director's duty to file: Prof. Joeri Vananroye and Dr. Georg Wabl (assisted by Ms. Iliana Nikolaou)

  • Creditors committees: Ms. Mylène Boché-Robinet

  • Private international law matters: Prof. Jasnica Garašić and Dr. Ángel Espiniella Menéndez

Completed projects

• EC Proposal on Harmonisaton of EU Insolvency Law
  In Statement (with Annex) 2023-2 CERIL presents a first empirical impression by its European-wide community assessing the benefits and shortcomings of the EC Proposal on harmonising certain aspects of insolvency law (EC Proposal). Drawing on over 60 responses, mainly CERIL’s members as well as other experts in the field of restructuring and insolvency law, this study highlights that, although opinions differ on aspects of the EC Proposal, there is general agreement that the Commission is moving in the right direction.
  
  Reporters: Prof. Reinout Vriesendorp, Prof. Stephan Madaus, and Prof. Ignacio Tirado
  Research Associates: Mr. Gert-Jan Boon and Ms. Defne Taşman
  
  CERIL Statement 2023-2 on the European Commission Proposal for a Directive Harmonising Certain Aspects of Insolvency Law
  Annex to the CERIL Statement 2023-2 (survey results) on the European Commission Proposal for a Directive Harmonising Certain Aspects of Insolvency Law

Members part of