In June 2019, INSOL International released under the banner “Towards 2021” its Ethical Principles for Insolvency Professionals. These principles are the result of work carried out by a working group of a forward-looking task force chaired and they are intended to serve as general guidance on a set of common issues affecting insolvency professionals. Members of INSOL International are actively… Read More »2019-11-doc5 Insolvency and ethics
In this contribution, Leiden PhD researcher Ilya Kokorin and I, seek to revisit the Zetta Jet case, as was decided on 4 March 2019 by the High Court of Singapore (Justice Aedit Abdullah) (Re: Zetta Jet Ptd and others (Asia Aviation Holding Pte Ltd, intervener)  SGHC 53 (Zetta Jet)). We highlight what we see as its major significance, namely… Read More »2019-05-doc4 Singapore Zetta Jet case: COMI as an elastic ball
Since 2016, Brazilian telecom group Oi’s restructuring has led to several court proceedings in the Netherlands. The District Court in Amsterdam decided one issue in March 2018, in a conflict between Cayman Islands-incorporated Capricon Capital (Capricorn) and two Dutch financial vehicles, Portugal Telecom International Finance (PTIF) and Oi Brasil Holdings Co-operative (Finco) – both part of the Oi group and… Read More »2019-03-doc2 No-action clause in Brazil Oi case
In legal theory, the regulation of cross-border insolvency is dealt with from two different angles. Under the universalist approach, cross-border insolvencies are administered pursuant to a single global insolvency regime. All of the debtor’s assets are distributed by a single insolvency office holder, regardless where the assets or claimants are located. The ideal of universalism is one court, one law… Read More »2019-01-doc3 Modified universalism in European cross-border insolvency?
Interview published in Global Restructuring Review (globalrestructuringreview.com) published on its blog on 24 August 2017 on the theme: Who’s in charge of Annex A? GRR editor Kyriaki Karadelis: Just a few weeks after the entry into force of the recast European Insolvency Regulation, the European Commission is inviting comments on a legislative proposal to change its Annex A – a… Read More »2017-09-doc5 On Annex A of the Insolvency Regulation
Under the new Insolvency Regulation Member States will be required to publish relevant information on cross-border insolvency cases in a publicly accessible electronic register. The aim is to improve in the EU the provision of information to relevant creditors and courts, and to prevent the opening of parallel insolvency proceedings. Furthermore, in order to facilitate access to that information for… Read More »2017-05-doc4 Insolvency registers in the EU
In November 2016 a proposal for a Restructuring Directive was published two weeks ago. Officially it has a much longer titel: ‘Proposal for a Directive of the European Parliament and of the Council on preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures and amending Directive 2012/30/EU’ (‘Restructuring Directive’). For a short… Read More »2017-03-doc7 What’s a Pifor?
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
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?
Welcome to the European Union: 28 Member States, using over 20 authentic languages! When one comes to the use of language in cross-border insolvency cases in Europe, there is a large contrast between the languages that national courts are using, and the languages in which communication takes places between insolvency practitioners. Article 31 of the existing European Insolvency Regulation (EIR)… Read More »2016-07-doc9 What language to use in EU insolvency cross-border cases?