The debtor in possession (DIP) is a well know figure in insolvency law, especially in American bankruptcy law. During an insolvency the DIP stays in charge of the business of the debtor-company. There is no appointment of an insolvency practitioner by a court. The 'debtor in possession' will have a pan-European status as from 26 June 2017, as it is introduced in the Insolvency Regulation (Recast). Attached is the (unedited) draft of a regular column I am writing for Global Restructuring Review (GRR) on the topic of cross-border restructuring and insolvency in a European context. GRR is a subscription-only publication. My column appeared in October 2016, on GRR’s website at http://globalrestructuringreview.com GRR Oct 16 EU welcomes the DIP
EU banking and Insurance Insolvency book, in its 2e edition, was published today, by Oxford University Press. Authors and editors are Gabriel Moss QC, Matthias Haentjens and myself. 11 years afters its first edition, in 2006, the financial world has changed dramatically, and - may I add - the rules that go with recovery, resolution of banks and insurance undertakings. This book covers them all with expert and detailed commentary and analysis of the Banks Winding-Up Directive, Solvency II, and Bank Recovery and Resolution Directive, and national reports discuss the concrete provisions as implemented in key jurisdictions, being France, Germany, Iceland, Ireland, Spain and the UK. Compared to a decade ago, especially new to this 2nd edition are: (i) a greatly extended general introduction to the modern European insolvency regime for financial institutions, (ii) a detailed commentary on the Bank Recovery and Resolution Directive (BRRD) and Single Resolution Mechanism Regulation (SRMR), (iii) an updated commentary on the Winding-Up Directive (2001/24/EC) to reflect significant developments following the BRRD and the SRMR, and (iv) a coverage of high-profile cases based on interpretation of those statutes, including the Landsbanki and Kaupthing cases, and the Lehman Brothers, Isis Investments and Heritable Bank cases. Happy reading!
Which trends bring legal services to its position in 2027? Can existing legal services providers foresee current trends with a 10 year horizon? The Dutch Ministry of Security and Justice posed a similar question to the Research and Documentation Centre (WODC). The Ministry is developing a long-term strategy with respect to the services of advocates, notaries and bailiffs. WODC has brought together in this report the fragmented information on trends that may occur over the next decade. The study is posted here as it has an interesting English summary. See https://www.wodc.nl/binaries/Cahier%202016-13_Volledige%20tekst_nw_tcm28-235332.pdf. The report itself provides an overview of trends and issues both inside and outside the legal professions. It examined current developments and possible changes in the next decade for lawyers, notaries and bailiffs. The research concentrates on trends and issues that may affect the accessibility and quality of services and the public interests of the services in question. It does not contain any recommendations, but instead provides a starting point for consultation and discussion. Research questions include: (i) what developments may affect the services provided by lawyers, notaries and bailiffs in the next decade?, (ii) what might be the consequences of the key trends for clients when it comes to access to and quality of legal services? (iii) what might be the consequences of the key trends for the legal professions?, and (iv) what might be the consequences of the key trends for the regulation of professions? The lifeblood question, evidently, is outside the report's scope: if a lawyer is already able to see the future, can s/he shape it and emerge on top of it?
Under Article 4 of the new Insolvency Regulation ('EIR 2015') a court should, before opening insolvency proceedings, examine of its own motion (ex officio) whether the debtor's COMI or its establishment is actually located within its jurisdiction. I analysed Article 4 and drafted a six step checklist for such an examination (depth and scope of examination, order to produce additional evidence, role of presumptions). This is the second memo inviting reactions. See the initial invitation to participate in developing the fourth edition of my book on EU insolvency Law on this blog www.bobwessels.nl, go to 2017-01-doc13. The my great pleasure I received 15 expressions of interest from 11 coutries all over the globe. I am looking forward to your reactions, please before 27 February, at firstname.lastname@example.org. Memo02
The book of Peter Mankowski, Michael Müller, Jessica Schmidt, EuInsVO 2015. Europäische Insolvenzverordnung 2015. Kommentar, München: Verlag C.H. Beck, 2016, shortly reviewed by me and published in European Company Law Journal, February 2017, see http://www.kluwerlawonline.com/abstract.php?area=Journals&id=EUCL2017006