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2017-01-doc14 Part II Memo 01

Further to my invitations, expressed on my blog www.bobwessels.nl, go to 2017-01-doc13, to participate in developing my book, please see attached the first memo, relating to Introductory remarks to the EIR 2015. Responses please before 13 February to info@bobwessels.nl. Memo01.

2017-01-doc13 Wessels Int'l Insolvency Law Part II, let's go

A deliberative public participatory drafting process. Curious what it is? Be invited to read further. Since November 2016 I am writing the 4th edition of my book Wessels International Insolvency Law: Part II European Insolvency Law. The first part of this edition: International Insolvency Law: Part I Global Perspectives on Cross-Border Insolvency Law has already been published at the end of 2015. See http://www.wolterskluwer.nl/shop/e-book/international-insolvency-law/NPININSLA-EB15001/ and see http://bobwessels.nl/2016/02/2016-02-doc11-4th-ed-intl-insolvency-law-part-i/ The core of Part II European Insolvency Law, evidently, will be a detailed commentary of the recast of the EU Insolvency Regulation (EIR 2015) which will come into legal effect on 26 June 2017. I am envisaging a writing period – in between other activities – that will last till (and probably including) April 2017. With this Part II of the book, the publisher (Wolters Kluwer, Deventer, The Netherlands) and I introduce what I think is a new working method. It is provisionally called ‘participatory writing’, in which the targeted group of readers/users of my book can participate in the writing process. Here is the main reason for this pilot. Fifteen years after its entry into force, the Insolvency Regulation 1346/2000 (EIR 2000) has resulted in a large body of court cases and literature, creating a massive system of harmonised cross-border insolvency law in the EU. Today, January 2017, compared to fifteen years ago, many judges, academics and practitioners are knowledgeable and experienced in this field. As I am always trying to improve the quality of my publications and the depths of the sources used, for this volume X, Part II, a new element in my writing process is adopted by interacting with these persons active in the area of European restructuring and insolvency. Through LinkedIn and my blog (www.bobwessels.nl) I intend to publish short drafts of texts of the manuscript of the forthcoming book with the invitation to those interested to provide me with sources of literature, precedents, court cases or additional comments to these drafts. This process starts now and I envisage that during the coming period till April 2017 some 10 of such invitations will be submitted, with the request to send any useful information or comments on my drafts to me within two weeks (to: info@bobwessels.nl). What’s in it for you? Of course, draft texts on key issues are available for inspection for everyone interested. The personal return for those who respond to this invitation to contribute to the ‘live’ debate within the pages of my texts are the following: (i) a respond-message with the announcement of receipt of your contribution, as soon as possible, (ii) the acknowledgment that contributions have been received by listing the names of the authors concerned in an Annex to the book, and (iii) in selected cases, the emailed comments may be cited in the text together with acknowledgement of the communicator. By working this way, one could say that through a deliberative public participatory drafting process I will be able to draw on the expertise and practical experiences of these respondents. In this way, a broad spectrum of jurisdictions and insights can be included. An advantage being also that the developments and views that will be included in this Volume X, Part II, result in an illustrative and thought-provoking treatment of the EU Insolvency Regulation (recast) which will allow users of this book to adapt to the new rules and to adjust to its system rapidly and with confidence. In advance I am most grateful to all contributors for their support of my work. Short references to literature in my draft text relate to literature listed in my International Insolvency Law Bibliography 2017, posted on my blog: 2017-01-doc12. Tomorrow, 30 January 2017, Memo01 will be published. Looking forward to your comments (info@bobwessels.nl) before 13 February 2017.

2017-01-doc12 Int'l Insolvency Law Bibliography 2017

Pleased to share this invitation. Since November 2016 I am writing the 4th edition of my book Wessels International Insolvency Law: Part II European Insolvency Law. The first part of this edition: International Insolvency Law: Part I Global Perspectives on Cross-Border Insolvency Law has already been published at the end of 2015. See http://www.wolterskluwer.nl/shop/e-book/international-insolvency-law/NPININSLA-EB15001/ and see http://bobwessels.nl/2016/02/2016-02-doc11-4th-ed-intl-insolvency-law-part-i/. The core of Part II European Insolvency Law, evidently, will be a detailed commentary of the recast of the EU Insolvency Regulation (EIR 2015) which will come into legal effect on 26 June 2017. I am envisaging a writing period – in between other activities – that will last till (and probably including) April 2017. With this Part II of the book, the publisher (Wolters Kluwer, Deventer, The Netherlands) and I introduce what I think is a new working method. It is provisionally called ‘participatory writing’, in which the targeted group of readers/users of my book can participate in the writing process. Further to my invitation, see my next blog 2017-01-doc13, to be posted within 24 hours. Today I am posting my International Insolvency Law Bibliography, which contains the literature sources to which I am refering to in the draft text of the book. Looking forward to your input.International Insolvency Bibliography 2017

2017-01-doc11 Insolvency and NPLs

The creation in the EU of a Capital Markets Union (CMU) is a 'flagship priority' for the European Commission. You may recall that ‘national insolvency systems’ are seen as one of the obstacles to create a CMU. See http://bobwessels.nl/2016/01/2016-01-doc8-agenda-of-netherlands-presidency-of-the-council-of-the-eu/. These systems also impact the banks ability to recover value from non-performing loans (NPLs). In the November 2016 Proposal for a Restructuring Directive, NPLs as a theme has been smuggled in, see recital 2: '...Preventive restructuring frameworks should above all enable the enterprises to restructure at an early stage and to avoid their insolvency. Those frameworks should maximise the total value to creditors, owners and the economy as a whole and should prevent unnecessary job losses and losses of knowledge and skills. They should also prevent the build-up of non-performing loans ...', see my blog at http://leidenlawblog.nl/articles/proposal-for-a-restructuring-directive. Last week, the Commission services have launched a public consultation on the planned CMU mid-term review. This consultation offers an opportunity for stakeholders to provide targeted input to complement and advance actions put forward in the CMU Action Plan. It also announces a study benchmarking '... national loan enforcement frameworks (including insolvency) from a bank creditor perspective'. Results expected Q4 2017.  The available documentation provides a good overview of the details of the CMU plan. Again the 'insolvency as obstacle' argument is made, mentioning the next phase ('Agreement by the co-legislators') for the Proposal. The results of the consultation will feed into the mid-term review of the CMU Action Plan that the Commission aims to publish in June 2017. See for related documents https://ec.europa.eu/info/finance-consultations-2017-cmu-mid-term-review_en

2017-01-doc10 Passing of Bruce Leonard

Bruce Leonard, one of the most influential and respected lawyers in the field of international insolvency law, has passed away. Bruce has been an esteemed lawyer in Canada, but non-Canadians know him best as the auctor intellectualis, founder and chair for many years of the International Insolvency Institute (III). III presently is a non-profit limited-membership invitational association of over 300 leading insolvency professionals, academics and judges from over 60 countries world-wide. Bruce was an III chair and director from its inception in 2000 and was amongst other things the Past Chair (1992-1996) of the (now) renamed Committee J on Insolvency and Creditors’ Rights of the International Bar Association (IBA). That’s where I met him for the first time in the early nineties. He was an International member of the American Law Institute, Chair and Co-Reporter for Canada for the Transnational Insolvency Cooperation Principles Among the Nafta Countries of 2001 and the convenor of joint discussion panels of the American College of Bankruptcy and III for many years. Bruce served for a long period as a Delegate to the United Nations Commission on International Trade Law (UNCITRAL) in relation to its work on its Model Law on Cross-Border Insolvency and the Legislative Guide on Insolvency Law. Bruce has written many publications on international insolvency law and has had a omni-global presence during all sorts of occasions and conferences. His leadership in building the III has attracted such a talented and divers group of practitioners, judges and academics as it presently is, one of the most respected organizations in the field of international insolvency. He successfully worked together with many of its members, as I can testify, having been a director in the III board between 2004-2010 (with many board meetings by phone at 10 p.m in the Netherlands). Thanks to his initiatives collaboration grew with other organisations like the American Law Institute, The American College of Bankruptcy and with UNCITRAL. It was an honour for me to present Bruce in 2007, on behalf of all the membership, the III Founder's Award for his contributions in the field of international insolvency and his dedication in the development of III. Having navigated III to its prominence as a strong skipper, it was not easy for him to handover parts of III's governance to others. But III is since a few years in very able hands, and Bruce still was active in promoting the III’s NextGen Leadership Program, a program designed to identify the best and the brightest younger insolvency practitioners and academics in the world. Without Bruce’s vision and tireless efforts III would not be the great organisation as it presently is. I am saddened by the news of his loss and offer my sincere condolences to his family. Bruce will be missed by all at the next Annual Conference in June this year in London.