With great sadness I inform about the death of Stephen Adamson CBE. He is an insolvency veteran from England, but with global experience. See below, his obituary from Global Restructuring Review of 10 January 2017. I learned he died in October last year. In the 90s I was a young partner of Ernst & Young (EY now) and I remember… Read More »2017-01-doc5 Passing of Stephen Adamson
Replacement, as yesterday’s 2017-01-doc2 encountered troubles opening it. This is the message: On 26 June 2017 Regulation (EU) 2015/848 of the European Parliament and the Council of 20 May 2015 on insolvency proceedings (recast) (EIR Recast or EIR 2015), [2015] OJ L 141/19, will apply. The well known Council Regulation (EC) No 1346/2000 of 29 May 2000 on insolvency proceedings… Read More »2017-01-doc3 New Insolvency Regulation applies ‘after’ or ‘from’ 26 June 2017?
The latest newsletter of the European Law Institute (ELI) was published yesterday. It contains the announcement of the ELI European Young Lawyers Award, a retrospective of 2016 and information about upcoming events, including the ELI Annual Conference 2017. The current ELI Projects are highlighted, including Rescue of business in insolvency law, led by Stephan Madaus and me. Prof. Christiane Wendehort,… Read More »2016-12-doc7 Nice words for ELI project
Looking forward to the publication of the 2nd edition of EU Banking and Insurance Insolvency, published by Oxford University press again, edited by Gabriel Moss QC, Bob Wessels, and Matthias Haentjens. This is what it covers: Table of Contents Part I. General Introduction 1: The EU Financial Institution Insolvency Law Framework, Gabriel Moss QC, Bob Wessels, and Matthias Haentjens 2:… Read More »2016-12-doc2 EU Banking and Insurance Insolvency OUP, 2nd ed.
Hanjin’s rehabilitation and bankruptcy sweeps the world. Last Friday, 25 November 2016, the Rotterdam District Court (ECLI:NL:RBROT:2016:9090) had to decide on a request to open secondary insolvency proceedings regarding Hanjin Shipping Europe GmbH & Co. KG (‘Hanjin Europe’). So the Netherlands has become the latest in a growing list of jurisdictions to grant recognition or assist in coordination re Korean… Read More »2016-11-doc14 District court Rotterdam opens secondary proceedings re Hanjin Europe
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
During the period of discussing and revising what finally resulted in the European Insolvency Regulation (recast), which will be effective law as of June 2017, I had a conversation about the topic whether the European Union itself should adopt the UNCITRAL Model Law on Cross-border Insolvency. INSOL Europe had suggested it in 2012, and as we all know, the proposal… Read More »2016-10-doc12 Should the EU Adopt UNCITRAL Model Law on Cross-border Insolvency?
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