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This week was a productive one for insolvency lovers. In Strassbourg/Brussels, the European Commission launched new proposals. One for restructuring distressed but in principle viable businesses, see blog/2016-11-11-restructuring-directive-published. The other one is a rather voluminous proposal for a reform package intended to further strengthen the resilience of credit institutions in the EU. It is only a year ago that Matthias… Read More »2016-11-doc13 Crisis management in the banking sector: act 2

European Commissioner Věra Jourová, in charge of Justice, Consumers and Gender Equality, presented a Proposal for a Directive on preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures and amending Directive 2012/30/EU (COM)(2016) 723 final (‘Restructuring Directive). It contains an Explanatory Memorandum (23 pages!) and the text with 47 recitals and 36… Read More »2016-11-11 Restructuring Directive published

Last week, in Singapore, 11 insolvency judges from 8 jurisductions met in Singapore for the inaugural Judicial Insolvency Network (‘JIN’). JIN, as a network of insolvency judges from around the world, aims to encourage communication and cooperation amongst national courts by pulling together the best practices in cross-border restructuring and insolvency to facilitate cross-court communication and cooperation, which has become… Read More »2016-10-doc8 Judicial Insolvency Network Initiated by Supreme Court of Singapore

Three Paradigm Shifts in Recent Bank Insolvency Law is the title of my latest article, with Matthias Haentjens as co-author. It will be published in (2016) 31 Journal of International Banking Law and Regulation, pp. 396-400. See its proof-print as attachment. haentjens_wessels_2016_jiblr_issue_7_press_proof.pdf We identify three paradigm shifts underlying recent developments in bank insolvency law. The ‘new normal’ of bank insolvency… Read More »2016-10-doc3 Three paradigm shifts in recent bank insolvency law

Although one would expect that under the EU Insolvency Regulation (EIR) after some fifteen years the concept of center of main interest (COMI) would be rather be clear, time and again a COMI controversy pops up. In a Dutch case, decided by the Court of Appeal Arnhem-Leeuwarden 15 August 2016, ECLI:NL:GHARL:2016:6546, this Court and the District Court of Gelderland (location… Read More »2016-10-doc1 COMI of Cloudiax

A doctorat for Xinyi Gong, that was the result after the defense of her PhD ‘A Balanced Way for China’s Inter-Regional Cross-Border Insolvency Cooperation’. This all took place at the University of Leiden, last Tuesday. I acted as her supervisor (promotor). Earlier on this blog (2016-09-doc8) I explained that her research analyses the rather peculiar situation that the People’s Republic… Read More »2016-09-doc12 Towards China’s Inter-regional Cross-border Insolvency Arrangement (CICIA)

We Can Work It Out: Cross-border Judicial Cooperation in Insolvency Cases in the EU, is the title of a paper, which will be published in: Yves Brulard (ed.), Code de l’insolvabilité internationale, européenne et nationale. Tome 1, Bruxelles: Anthemis 2016 (forthcoming). The paper was delivered in February 2015 during an international insolvency conference in Brussels. It deals with the draft… Read More »2016-08-doc8 Cross-border cooperation between insolvency practitioners and courts

During the INSOL International Global Practice course (first module 7-9 November 2916, London) I will discuss the theme of cross-border communication and cooperation in insolvency cases. As an aid in practice, in 2007 the European Communication and Cooperation Guidelines For Cross-Border Insolvency (‘CoCo Guidelines’) were drafted by prof. Miguel Virgós (Madrid) and myself, assisted by many others, including judges and… Read More »2016-08-doc2 Full text CoCo Guidelines