2017-05-doc8 European Insolvency developments discussed in Trier

The Academy of European Law, together with the Academic Forum of INSOL Europe meets on 8-9 June 2017 during a conference ‘Insolvency Proceedings within the EU: Latest Developments’. Some ten speakers will discuss the Recast Insolvency Regulation, the November 2016 proposal for a Directive on insolvency, restructuring and second chance, and exchange ideas about ‘Brexit and insolvency’. For further information see
https://www.era.int/cgi-bin/cms?_SID=9bf2fc0f57ceff6542c0755840fac9d8114990d400538128546739&_sprache=en&_persistant_variant=/Events/Browse%20all%20events&_bereich=artikel&_aktion=detail&idartikel=125705. For the programme, see ERA_117D22_E

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2017-05-doc7 EU Bank Insolvency Law – new book

Hazelhoff Centre for Financial Law series includes a new publication: New Bank Insolvency Law for China and Europe, Volume 2: European Union. It’s over 200 pages and has been written by prof. Matthias Haentjens, Lynette Janssen, PhD candidate and myself, all from Leiden Law School. The current volume provides a comprehensive analysis of the current EU bank insolvency framework, discusses future developments in the field of EU bank insolvency law, and investigates relevant Dutch, German and English rules and practice. Its chapters contain an overview of European bank insolvency law and its institutional framework, (normal) insolvency proceedings for banks, management of the institution, bail-in, effects on contracts, judicial review, and more specialised topics, such as deposit guarantee schemes, cross-border banking groups and recognition of resolutions measures, and towards an effective cross-border bank resolution framework. This research has been made possible with a grant from the Royal Netherlands Academy of Arts and Sciences (KNAW) in the context of its China Exchange Programme. Researchers of the China University of Political Science and Law (CUPL), and Leiden Law School’s Hazelhoff Centre for Financial Law have addressed the question: how best to achieve a modernized bank insolvency regime for China and the EU? The series takes into account some of the most important developments in international restructuring and insolvency law. The volumes on ‘New Bank Insolvency Law for China and Europe’ therefore present a valuable resource for academics, practitioners and policymakers, and a timely contribution to scholarly and practical discussions about the development of rules that govern the recovery and resolution of banks. See http://www.elevenpub.com/law/catalogus/bank-insolvency-law-eu-1-2017#

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2017-05-doc6 ILF St Petersburg

At the moment Saint Petersburg is hosting the International Legal Forum (ILF), the biggest legal event in Russia. Last year it featured over 70 roundtables, conferences and general debates and attracted 3700 participants, representing 77 countries and 77,000 online viewers in 58 countries joined as well. In 2017, ILF contains a separate program concerning insolvency. See for the agenda for all days of ILF (http://www.spblegalforum.com/en/Agenda) – insolvency track is starting Thursday 18 May. You can look at the time for the session of your interest and then at the indicated time (please note that it is Moscow time) go to “Forum 2017” at the top and then to “Broadcast”. There you can join for free and without any registration. For instance, on Thursday ILF will feature the theme of Directors liability in insolvency (14:00 Dutch time), Criminal aspects of insolvency (15:25 Dutch time), Consumer insolvency (16:50 Dutch time). Tomorrow (19 May 2017) there will be a large session on Cross-border insolvency with among others Sidney Brooks (Chief Bankruptcy Judge (retired) at U.S. Bankruptcy Court) and Adolfo Rouillon (Judge (Retired), Civil and Commercial Court of Appeals, Rosario, Province of Santa Fe, Argentina) and others at 8:30 (Dutch time) and part II at 9:45 Dutch time. Other sessions that might be of particular interest are The anatomy of a successful insolvency case: how to save a troubled business? (10:55 Dutch time) or Insolvency of financial institutions at 14:55 (Dutch time).

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2017-05-doc5 Corporate Finance Lab

Your entree into the legal aspects of (Belgian and international) corporate finance and insolvency is the Corporate Finance Lab, see for an overview of six month output https://corporatefinancelab.org/2017/05/07/six-months-corporate-finance-lab-taking-stock/

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2017-05-doc4 Insolvency registers in the EU

Under the new Insolvency Regulation Member States will be required to publish relevant information on cross-border insolvency cases in a publicly accessible electronic register. The aim is to improve in the EU the provision of information to relevant creditors and courts, and to prevent the opening of parallel insolvency proceedings. Furthermore, in order to facilitate access to that information for creditors and courts domiciled or located in other Member States, the new regulation provides for the interconnection of such insolvency registers via the European e-Justice Portal. In March 2017 my column in GRR touched upon the subject. See 2017-05-08 Wessels – Insolvency registers

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2017-05-doc3 On lawyers’ inefficient teamwork

Many societies recognise concerns about the cost of access to justice. The Federal Court of Australia obviously gave a serious warning to lawyers for ‘… an inefficient and inappropriate way of dealing with the preparation for, and conduct of the hearing of, a case that, in effect, was to be, and should have been, substantively prepared and argued at all stages by counsel … Given the obvious efficiency (and proper role) of having counsel draft and settle pleadings and submissions, as well as leading evidence in chief, and significant savings in fees from his doing so, there is no apparent reason why much of that work was planned to be done by not one but, in various unexplained ways, four solicitors as well as counsel.’ In Justice Rares’ view ‘… it is time that the profession recognised that costs should be kept to a minimum. Having five lawyers looking at, for example, the drafting of a pleading or submissions is a matter that, in a case such as this, bespeaks a failure to address a client’s best interests …’ and ‘… involves a degree of waste and unnecessary duplication of effort that I cannot comprehend.’ Why did these lawyers act so inconsiderately, mindless to client’s interest? Teamwork is fine, but appropriately and efficiently organisation of the legal work to be done is even better. See Federal Court of Australia 21 March 2017 (Armstrong Scalisi Holdings Pty Ltd v Piscopo (Trustee), in the matter of Collins [2017] FCA 423), at http://www.austlii.edu.au/au/cases/cth/FCA/2017/423.html

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2017-05-doc2 INSOL Europe conference Budapest 12 May 2017

‘Winding up of (assetless) companies in Central-Eastern’ is the theme of a one dat evnet in Budapest. It will be organised on 12 May 2017 by INSOL Europe’s Eastern European Countries’ Committee. Other topics include director’s liability, dealing with non-performing loans and harmonisation of training and education of IPs accross Europe. I have been invited to speak on certain topics of the new Insolvency Regulation, in a forum with Andrea Csöke (Supreme Court of Hungary) and Alberto Núñez-Lagos (Uría Menéndez Abogados, Spain; former president INSOL Europe). I did receive a list with over 200 registrants, clearly a sign of the demand for learning on matters of restructuring and insolvency and sharing experiences, practical tips and ideas. I understand registration at www.insol-europe.org/events is still possible. That’s were you can find the programme. Hope to see you there.

 

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2017-05-doc1 Law & Finance Advanced Master in Leiden

Leiden Law School is proud to launch an intensive one-year Advanced Master’s programme on Law & Finance. In today’s world, finance is ever-more regulated. And while over the last decades, the financial sector has increasingly become more legal, our societies have increasingly become more financial. A specialised and advanced education at the intersection of law and finance is therefore needed. Also because of the complex, international and multidisciplinary nature of the questions the financial sector is faced with. Financial regulation poses a unique set of challenges related to economic and legal realities that affect the financial sector. Professionals with sharp minds that are qualified to work in this international and multidisciplinary environment are therefore in high demand. Leiden Law School has developed a brend new advanced programme aimed towards talented legal professionals and law graduates and graduates from other fields who have an adequate background in law.

The programme has a strong practical dimension. The academic staff are renowned experts most of whom have practiced at the highest levels in the field of law and finance. In its teaching, theoretical insights are therefore paired with practical experience. In addition, extensive contacts exist with a network of professionals in a variety of organisations, such as national and international supervisory authorities, financial institutions, the judiciary and law firms. This network is essential for the extra-curricular activities, such as site visits to financial institutions and financial supervisory authorities.

See the flyer of the programme Leiden Adv LLM Law-and-Finance Flyer or go to http://en.mastersinleiden.nl/programmes/advanced-studies-in-law-finance/en/introduction.

Application deadline is 15 May 2017 (but may be extended).

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2017-04-doc9 European Supervisory Authorities (ESAs) evaluated

The development in Europe to integrated financial markets has brought significant achievements. To promote financial integration and market integrity while safeguarding financial stability, some six years ago within the EU internal market for financial services the EU is working on common rules and strong supervisory coordination. It introduced a Single Rulebook for financial regulation in Europe and created the European Supervisory Authorities (ESAs). These are the European Banking Authority (EBA, in London (still))), the European Insurance and Occupational Pensions Authority (EIOPA, Frankfurt) and the European Securities and Markets Authority (ESMA, Paris). These ESAs function as a cornerstone of the reforms put in place in the wake of the financial crisis. Since their establishment, the ESAs have contributed to the building of the Single Rulebook for financial services (banking, insurance and capital markets) and to the convergence of supervisory practices, in order to ensure a robust financial framework for the Single Market and to underpin the creation of the Banking Union. Presently the European Commission is evaluating this system, particularly by identifying areas where the effectiveness and efficiency of the ESAs can be strengthened and improved. Recently the Commission launched a public consultation on the operation of the ESAs with a twofold purpose: (i) to gather evidence on the operations of the ESAs to evaluate their operations and to see whether they are delivering as expected considering their objectives to protect the public interest by contributing to the short, medium and long-term stability and effectiveness of the financial system, and (ii) to build a clearer overview of areas where going forward the effectiveness and efficiency of the ESAs can be strengthened and improved. Anything on your mind? Contributions can be submitted until 16 May 2017. For the link to the consultation, see https://ec.europa.eu/info/finance-consultations-2017-esas-operations_en

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2017-04-doc8 Zesde druk boek Algemene voorwaarden verschenen

Het boek ‘Algemene voorwaarden’, dat vandaag verschijnt, is uitgegroeid tot het meest omvattende werk over algemene voorwaarden in Nederland. De eerste druk dateert van dertig jaar geleden (!); de huidige zesde druk is qua omvang meer dan vijf keer zo omvangrijk (ruim 900 pagina’s), maar dat komt natuurlijk ook omdat een tiental auteurs branche-specifieke bijdragen hebben geschreven, bijvoorbeeld over algemene voorwaarden in de huursector, energielevering, automatisering, verzekering en over de algemene bankvoorwaarden 2017. Voor het eerst is in deze druk een hoofdstuk opgenomen over algemene voorwaarden bij online contracteren met consumenten. Uiteraard is deze zesde druk aangepast aan de ontwikkelingen in literatuur en rechtspraak, met aandacht voor de Richtlijn oneerlijke bedingen (Richtlijn 93/13 EEG) en de toepassing daarvan in de rechtspraak van het Hof van Justitie van de Europese Unie. Zie nader B.Wessels en R.H.C. Jongeneel (red.), Algemene Voorwaarden, Wolters Kluwer, 6e druk, 2017 https://www.wolterskluwer.nl/shop/boek/algemene-voorwaarden/NPALGVRWA-BI16001/#auteurs

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