Yesterday, 26 June 2017, renewed rules regarding cross-border insolvency in the EU came into legal effect, see the EU Insolvency Regulation recast, with its legal source mentioned in the European Commission's press release, go to http://europa.eu/rapid/press-release_IP-17-1743_en.htm. This does not mention that last week a regulation has been published with several standard forms accompanying the realisation of the Insolvency Regulation (Recast), see http://bobwessels.nl/2017/06/2017-06-doc8-standard-forms-for-use-under-the-eir-recast/. Yesterday too, the Netherlands Association of Comparative and International Insolvency Law (www.naciil.eu) celebrated the coming to life of the Regulation (and the decease of the initial Insolvency Regulation 1346/2000) with an afternoon seminar in Rotterdam, in the famous Schielandshuis, originally the location of - we're in Holland - the polder district board, erected around 1665, now a museum, with as speakers (see below, pictured from left to right): Ruben Leeuwenburgh (Windt Le Grand Leeuwenburg, Rotterdam), me (myself, Dordrecht), professor Michael Veder (Chair NACIIL, Univ Nijmegen; RESOR Amsterdam) and Michael Broeders (Freshfields, Amsterdam).
Last Monday the Board of Directors of the International Insolvency Institute (III) decided to republish and redistribute the American Law Institute-International Insolvency Institute (ALI-III) Global Principles for Cooperation in International Insolvency Cases, incorporating Global Guidelines for Court-to-Court Communications in International Insolvency Cases, originally adopted in 2012. Recent developments in the regulation of cross-border court-to-court cooperation in insolvency and restructuring cases (see my blog http://leidenlawblog.nl/articles/jin-guidelines-strengthen-court-to-court-cross-border-cooperation) might have caused confusion about the set of available tools for courts in international cases. As a background: in Spring 2017 the JIN Guidelines were produced ('Judicial Insolvency Network Guidelines for Communication and Cooperation between Courts in Cross-Border Insolvency Matters, see http://www.supremecourt.gov.sg/docs/default-source/module-document/registrarcircular/rc-1-2017---issuance-of-guidelines-for-communication-and-coorporation-between-courts-in-cross-border-insolvency-matters-.pdf). According to Justice Kannan Ramesh (Supreme Court of Singapore) the JIN Guidelies have been approved (as per June 2017) by seven 'common law' courts, including the US Bankruptcy Court for the District of Delaware, the Commercial Court of Bermuda, the US Bankruptcy Court for the Southern District of New York and the Chancery Division of the High Court of England and Wales. The territorial reach of the JIN Guidelines is limited to some 10 jurisdictions. For use on a global scale, in 2012 the ALI-III Global Guidelines for Court-to-Court Communications in International Insolvency Cases were published (for the text see https://www.iiiglobal.org/sites/default/files/alireportmarch_0.pdf). The ALI-III Global Principles and Guidelines together subsequently formed a solid basis for a set of tailored principles, published in 2015, for use under the regime of the EU Insolvency Regulation (recast), which shall apply to insolvency proceedings opened from 26 June 2017. See for these EU Cross-Border Insolvency Court-to-Court Cooperation Principles and Guidelines (also known as JudgeCo Principles and Guidelines) http://www.tri-leiden.eu/project/categories/eu-judgeco-project/. As authors of the ALI-III Global Principles of 2012, professor Ian Fletcher and I recommend them for use in other regions or by other states as well, and in this context we welcome the decision of the Board of Directors of III, which was discussed 19 June 2017 during the 17th Annual Conference of III held in London. An additional reason for III to highten the awareness of the ALI-III Global Principles and Guidelines of 2012 lies in the furthering of European rules for general civil procedure. The European Law Institute cooperates with UNIDROIT (The International Institute for the Unification of Private Law) in an attempt to create European Rules of Civil Procedure. The ELI-UNIDROIT project builds upon an instrument produced jointly by the ALI and UNIDROIT, its Principles of Transnational Civil Procedure of 2006, and aims at the regional development of those Principles. In our ALI-III Global Principles 2012 Report, Fletcher and I in several instances took inspiration from these ALI-UNIDROIT Principles. A wider familiarity with the ALI-III Global Principles and Guidelines 2012 may therefore support convergence between procedural matters in civil proceedings and insolvency proceedings respectively. On a personal note: the principal author of the ALI-UNIDROIT Principles is Geoffrey Hazard (prof. em. Univ. of Pennsylvania School of Law), who in 2005 asked me to become a member of ALI, and to serve as co-author of what has resulted in the ALI-III Global Guidelines of 2012. Pictured below, from left to right, members of the Board of Directors of III: Thomas Felsberg (Brazil), Don Bernstein (USA, former President III), Hon. James Peck (USA, President III), prof. Ian Fletcher (UK), me, prof. Christoph Paulus (Germany) and Alan Bloom (UK, incoming President III)
OJ L 160/1 of 22 June 2017 publishes the European Commission's regulation '... to ensure uniform conditions for implementing Regulation (EU) 2015/848', with several forms. The regulation contains 4 of these forms: (i) the standard notice form to be used to inform known foreign creditors of the opening of insolvency proceedings (Art. 54(3) EIR 2015), (ii) the standard claims form which may be used by foreign creditors for the lodgement of claims (Art. 55(1)), (iii) the standard form which may be used by insolvency practitioners appointed in respect of group members for the lodgement of objections in group coordination proceedings (Art. 64(2)) and (iv) the standard form to be used for the electronic submission of individual requests for information via the European e-Justice Portal (see Art. 27(4)), see http://eur-lex.europa.eu/legal-content/NL/TXT/?uri=uriserv%3AOJ.L_.2017.160.01.0001.01.NLD&toc=OJ%3AL%3A2017%3A160%3ATOC For those understanding Dutch, please join the celebration festivities for the new Regulation on Monday 26 June in Rotterdam, in the second half of the afternoon, organised by the Netherlands Association of Comparative and International Insolvency Law (NACIIL), see http://www.nvrii.nl/activiteiten/nieuws/viering-inwerkingtreding-herschikking-insolventieverordening-26-juni-2017/
The Impact of Brexit on Restructurings in England was the theme of an imaginative discussion between four talented lawyers, which I chaired, during the International Insolvency Institute NextGen Leadership Conference in London, Sunday 18 June 2017. Themes discussed: solutions based on English law, Great Repeal Bill, cross-border effects of schemes of arrangements, impact of Brexit on Insolvency Regulation and Brussels I Regulation and consequences for England as a restructuring hub. Queries? Feel free to approach (standing left from me): James Falconer (Counsel Skadden Arps London), Patrick Ehret (Partner Schulze & Braun, Aachern, Germany) (and on my right side) Mark Craggs (Patner Norton Rose Fulbright, London) and Ivo-Meinert Willrodt (Partner, Pluta, Munich).
The second week of June 2017 the Academy of European Law (ERA), in co-operation with the Academic Forum of INSOL Europe hosted a conference in Trier (Germany) on the latest developments of insolvency proceedings within the EU. The conference aimed not only at giving an in-depth analysis of the Recast EIR (EU Regulation No 2015/848), but also at discussing post-Brexit implications for insolvency and restructuring (see for my notes http://bobwessels.nl/2017/06/2017-06-doc4-eu-insolvency-law-after-brexit/) as well as examining the new Commission proposal for a Directive on insolvency, restructuring and second chance, published in November 2016. Lukas Schmidt, Research Fellow at the Center for Transnational Commercial Dispute Resolution (TCDR) of the EBS Law School, Wiesbaden, Germany, was present and made an excellent overview of the 2-day conference. See http://conflictoflaws.net/2017/conference-report-insolvency-proceedings-within-the-eu-latest-developments-era-8-to-9-june-2017/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+conflictoflaws%2FRSS+%28Conflict+of+Laws+.net%29