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Insolvency Law

Expert guidance on all aspects of corporate and personal insolvency

22 OCT 2012

IEAF Newsletter Fourth Quarter 2012 (October-December)

Professor Paul Omar has published the latest IEAF newsletter. Here are the details: 



Fourth Quarter 2012 (October-December)


A – Past Events


1. Annual Conference 2012 (Brussels, 10-11 October 2012)


The Academic Forum’s Annual Conference took place on 10-11 October 2012 at the Conrad Brussels Hotel with over 50 delegates registered representing some 15 jurisdictions. The themes of the annual conference included the treatment of creditors generally, with special emphasis on the position of secured creditors, as well as the use of workouts and other informal procedures. Overall, the papers were insightful, with up to date information on innovations taking place in Europe and elsewhere.


The discussions began on the first day with eight papers over two sessions devoted exclusively to the treatment of creditors. Arvin Abraham (UCLA, Sullivan & Cromwell) provided a comparison between the US and UK security systems, while Dr Michael Schillig (King’s College London) offered a view of the legal framework for ROT clauses in Europe. Joining them were Professor Melissa Vanmeenen (Antwerp), who outlined the insecurity attendant on the position of secured creditors under the Belgian Continuity Act, a theme picked up by Professor Tomas Richter (Charles University Prague) discussing how decision-making powers are allotted between creditor classes in Czech insolvency proceedings. The second afternoon session featured Dr Roel Fransis (Leuven) comparing the contractual subordination of claims across a number of jurisdictions, while Dr Sandra Frisby (Nottingham) examined creditor profiling issues in the context of UK procedures. Offering a perspective from outside the EU, Professor Anneli Loubser (UNISA) described the South African view of post-commencement financing and claim ranking, followed by Anto Kasak (Tartu) asking some fundamental questions on how preferences in insolvency proceedings are determined. Concluding the first day’s proceedings was a reception held jointly with the INSOL Europe Council followed by the traditional dinner for academic delegates and their guests.


The second day opened with a general session regrouping the other conference themes. First, Dr Alexandra Kastrinou (Westminster) offered a comparative analysis of informal procedures in France and the UK, with Professor Alla Bobyleva (Moscow Lomonosov) contrasting this with a review of the success and failure of similar procedures in Russia. Professor Daniel Austin (Northeastern Boston) followed up with a perspective on changes in US practice concerning pre-packs, structured dismissals and the seemingly counter-intuitive procedure known as the Liquidating 11. Within this session also, Professor Gerard McCormack (Leeds) outlined some prevailing modes of thought regarding the boundary between the European Insolvency Regulation and the Brussels I Regulation. The long-standing tradition of devoting time to papers by members of the Young Academics Network continued this year, featuring Petr Sprinz (Palacky in Olomouc) on the discharge of debts in Czech insolvency law, Yanying Li (Leiden) on developing a model for sovereign bankruptcy, Dr Ekaterini Sabatakakis (Strasbourg) on the free movement of judgments in insolvency as well as Olga Lvova (Moscow Lomonosov) on the opportunities offered for corporate raiding within Russian procedures. Proceedings concluded in the afternoon with the fifth Edwin Coe Lecture, given this year by Professor Bob Wessels, former chair of the Academic Forum, on the future of European insolvency law, a topic at the forefront of legal thinking and discourse at present. Overall, delegates accounted the conference a success with much by way of thought-provoking insights offering perspectives on and opportunities for research to come.


B – Upcoming Events


2. Future Conferences 2013-2014


The Academic Forum is pleased to announce that events in 2013 will include a joint conference with the Academy of European Law in Trier on 18-19 April (dates to be confirmed) as well as the Annual Conference in Paris on 25-26 September. The theme of both conferences will be the reforms to the European Insolvency Regulation and challenges in its implementation thereafter.The conferences in 2014 have been provisionally programmed for Leiden (Joint Conference with Leiden Law School) and Istanbul (Annual Conference). Information about all these conferences will be made available on the Academic Forum website in due course.


C – Upcoming Events (Cognate Associations)


3. Netherlands Association for Comparative and International Insolvency Law (NACIIL) Annual Conference (Amsterdam, 8 November 2012)


The second Annual NACIIL Conference will take place in Amsterdam on Thursday 8 November 2012 at 13h00 at the Law Offices of Houthoff Buruma, Gustav Mahlerplein 50, 1082 MA Amsterdam. The theme of the event is “Corporate Rescue” and draft-reports and proposals for a European Rescue Plan, written by Robert van Galen (Nauta Dutilh and NACIIL Board member) and Professor Stephan Madaus (Regensburg), will be outlined and the recently (March 2012) implemented changes in Germany for improvement of “company rescue” (Gesetz zur weiteren Erleichterung der Sanierung von Unternehmen) analysed with time being available for discussion. Admission costs for members of NACIIL are €50 and non-members €150. Due to logistical reasons, registration for the event is mandatory and will only be available until 2 November 2012 addressed to Anthon Verweij at: <a.m.verweij@law.leidenuniv.nl>.


4. Netherlands Association for Civil Law Conference on the Harmonisation of Insolvency Law in Europe (The Hague, 14 December 2012)


The Association for Civil Law (Vereniging voor Burgerlijk Recht) will hold its annual meeting on Friday 14 December 2012 at 14h00 on the topic of the harmonization of insolvency law in Europe. During this meeting, Prof. Bob Wessels (University of Leiden, the Netherlands) and Prof. Ian Fletcher (University College London) will defend their preliminary report on the Harmonisation of Insolvency Law in Europe. Their preliminary report follows the European Parliament’s resolution with recommendations to the European Commission on insolvency proceedings in the context of EU company law of November 2011. The resolution calls for one or more legislative proposals “relating to an EU corporate insolvency framework”, includingthe harmonisation of specific aspects of insolvency law. The central question in the Preliminary Report of Prof. Bob Wessels and Prof. Ian Fletcher is whether harmonisation is possible, and if so, in what form and related to which topics. The legal basis for any EU-proposals is discussed, especially Articles 81 (judicial cooperation) and 114 (internal market) of the Treaty on the Functioning of the EU. Two topics for harmonisation (“opening” of insolvency proceedings; professional requirements for insolvency office holders) have been selected for further debate. Another suggestion for harmonisation relates to a proposal by INSOL Europe of June 2012, to enact the UNCITRAL Model Law on Cross-border Insolvency across the EU. Furthermore, INSOL Europe’s suggestion is criticized. The authors will present their perspectives on harmonisation of insolvency law in Europe, including a summary of findings and an Agenda for future work. They make clear that this will involve thorough study by specialists in many areas of law, next to insolvency lawyers, lawyers specialising in the law of obligations, labour law and company law. The meeting will take place at the Supreme Court of the Netherlands, Kazernestraat 52, 2514 CV, The Hague, The Netherlands. To attend, delegates are required to register as a member of the Vereniging voor Burgerlijk Recht for €30 a year by sending an email to Martijn Scheltema: <mw.scheltema@prdf.nl>). A copy of the Preliminary Report is included in the membership fee and will be sent prior to the meeting taking place.

5. INSOL International Academics Group (The Hague, 18-19 May 2013)

The 15th meeting of the INSOL International Academics Group is being organised to coincide with the 2013 INSOL International regional conference in The Hague. The academics will meet on the weekend ahead of the main conference, on Saturday 18 and Sunday 19 May 2013. A call for papers will be issued in due course and intending participants are also welcome to submit proposals for papers which they would be prepared to present, if the topic is adopted. All proposals should be sent to Professor Ian Fletcher, the Chair of the Group at: <i.f.fletcher@ucl.ac.uk> with the subject header in the e-mail noting: “The Hague Conference 2013”.

- Book Projects/Conference Reports


The Jersey 2011 conference proceedings booklet was issued at the Brussels conference, while Professor Rebecca Parry of Nottingham Trent University has completed the editing of the conference collection for Venice 2011, which will appear in late 2012. Dates have been set for submissions to be received for both the Nottingham and Brussels conference booklets and these are scheduled to appear in 2013.


Information about the series, including all the conference proceedings booklets available, may be viewed at: <http://www.insol-europe.org/publications/technical-series-publications>.


E – Newsletter Appeal for Information


If recipients of this newsletter wish to advertise conferences, workshops or other insolvency-connected events as well as note research projects and possible collaborations, either in future editions of the newsletter or on the INSOL Europe Academic Forum website or Facebook page, please contact the Secretary at: <paul.omar@ntu.ac.uk>, or <khaemwaset@yahoo.co.uk>.

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