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) 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.

Chair

Prof. Reinout Vriesendorp

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 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

Members part of