WP 20 Harmonisation of EU insolvency law
Introduction
On 7 December 2022, the European Commission published its long-awaited Proposal for a directive harmonising certain aspects of insolvency law (EC Proposal) 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:
1. the recovery of assets from a liquidated insolvent estate,
2. the efficiency of procedures, and
3. 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.
Chairs
Prof. Reinout Vriesendorp
Current Projects
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, Prof. Ignacio Tirado
Research Associates: Gert-Jan Boon, Defne Tasman
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
Conferees part of
WP 20 Harmonisation of EU insolvency law
Mylène Boché-Robinet | - |
Gert-Jan Boon | - |
Reinhard Bork | - |
Stephan Madaus | - |
Defne Tasman | - |
Ignacio Tirado | - |
Reinout Vriesendorp | - |