Harmonising certain aspects of insolvency law

The tourism sector is an ecosystem, which directly depends on functioning linked business processes and which interconnects, not just the functioning of businesses chains of different business sectors, SMEs, individual entrepreneurs, but also involves that this established business environment is organised towards the end customer, where the complete ecosystem needs to take care of preserving customer rights and…

The German Bar Association in principle welcomes the approach of harmonising national insolvency rules up to a certain point in order to have some alignment with regard to the efficiency of insolvency proceedings in the EU member states and in order to increase the predictability of insolvency proceedings in general.

Filed in German · English published by the European Commission

Created by Law No 90-1259 of 31 December 1990 (codified in Article L.741-2 of the Commercial Code), the CNGTC, with legal personality, is responsible for defending the collective interests of the profession of registrar of a commercial court. It has four main tasks: representation, control, information and training.

Filed in French · English published by the European Commission

The Bundesarbeitskreis Insolvenz- und Umstrukturierungsgerichte (Federal Working Group on Insolvency and Restructuring Courts, BAKinso e.V.), as an association of legal practitioners in insolvency and restructuring courts in Germany, adopts the above proposal (hereinafter: Proposal for a Directive) as follows.

Filed in German · English published by the European Commission

Please find enclosed the comments of the General Council of Spanish Lawyers on the Proposal for a Directive of the European Parliament and of the Council (COM (2022) 702 final) of 7 December 2022 on the harmonisation of certain aspects of insolvency law. Madrid, 17 March 2023 Victoria Ortega Benito President of the General Council of Spanish Lawyers

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On 7th The European Commission published its proposal for a Directive on the harmonisation of certain aspects of insolvency law on December 2022. The aim of the draft Directive is to reduce the existing fragmentation within national insolvency laws. To that end, it is intended, inter alia, to harmonise the conditions for bringing an action for annulment.

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AEIP welcomes the Commissions proposal for a directive harmonising certain aspects of insolvency law. In our input we underline that pension funds honour their pension obligations as well as welcome efficient insolvency procedures for investors that can lead to a better functioning Capital Market Union. We point out that the current proposal insufficiently respects employees rights.

CECA (Spanish Association of Savings and Retail Banks) welcomes the opportunity to comment on the proposal for a Directive of the European Parliament and of the Council harmonising certain aspects of insolvency law. Please, find attached our comments.

The Dutch Federation of Pension Funds highly values the European Commissions proposal for a Directive harmonizing aspects of insolvency law. It is a vital building block towards the completion of the Capital Markets Union. In line with a recent appeal by European leaders, we call upon EU institutions to set a fast pace for the CMU agenda. We urge them to build on the work of the Next CMU High-Level Expert Group.

Key messages The proposal delivers on two of its core objectives: o Reducing information and learning costs for cross-border creditors and consequently increasing legal certainty as regards the outcomes of insolvency proceedings through the provisions on Creditors committees Tracing assets Enhancing transparency of national insolvency laws o Raising the average recovery value in liquidation cases through minimum…

ASPAJ, a trade union association of insolvency administrators, accounts for 80 % of insolvency administrators in France. As such, these members, as professionals dealing with firms in difficulty, are directly concerned by the transposition of the Insolvency Law Directive.

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Leaseurope and EUF welcome the opportunity to provide comments on the Commissions proposal for a Directive harmonising certain aspects of insolvency law. Leaseurope and EUF acknowledge that there are differences in national insolvency regimes of EU Member States.

The Bankruptcy Ombudsman in Finland supports the objectives of the Commission's proposal. Effective insolvency procedures in member states promote the functioning of financial markets, a free movement of capital, cross-border investments and equal operating and competitive conditions for companies.

Leaseurope and EUF acknowledge that there are differences in national insolvency regimes of EU Member States. As such, Leaseurope and EUF understand, in principle, the need to increase a level of coherence between more efficient and less efficient insolvency legislative frameworks, but also wish to make both more general as well as specific remarks on and suggestions for improvement of the proposed directive.

Please find attached EIP's Position Paper EIP is an independent, self-funding association founded by European Insolvency Practitioners organizations. The creation of EIP in May 2016 was motivated by the clear belief of the various members to improve procedures efficiency. Currently EIP represents the following 15 member associations with about 4.900 individual members in 12 Member States of the European Union.

The German insurers welcome the proposed directive insofar as it aims to strengthen the creditors position in insolvency proceedings across the European Union and to increase their chances to influence the proceedings, in particular through creditors committees.

The National Council of Judicial Administrators and Judicial Agents (CNAJMJ) is the body that represents, regulates and controls French legal professionals, specialists in corporate restructuring and insolvency treatment. In this capacity, the National Council represents the 150 judicial administrators and 300 French legal representatives, i.e.

Filed in French · English published by the European Commission

Dear Sir/Madam, we would like to send you the opinion of the Chamber of Auditors on the Commission’s proposal for a Directive on the harmonisation of certain aspects of insolvency law. We would be grateful if our suggestions could be taken into account in further discussions. Yours sincerely, the Chamber of Auditors

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Invest Europe welcomes the European Commissions proposal to further harmonise the insolvency law and procedure across the Member States. We fully support the principles behind the proposal, in particular the intention of shorter, more efficient and less court-led insolvency process.

Please find attached the opinion statement of the Austrian Chamber of Tax Advisors and Public Accountants. (in German language) For queries and further information, please do not hesitate to contact us.

Filed in German · English published by the European Commission

Currently, insolvency rules in the EU are still fragmented at national level. In some Member States insolvency proceedings are considered lengthy. The liquidation value is also particularly low for creditors in some Member States. Moreover, the existing legal differences create legal uncertainty as to the outcome of insolvency proceedings and lead to higher costs for creditors.

Filed in German · English published by the European Commission

This proposal has an American rather than a European character. This means that this proposal does not fit well into the European acquis. The directive is at odds with the European Pillar of Social Rights and with other European directives, including social directives. The social dimension is completely missing.

Corporate & Recovery.legal (CRL) is of the opinion that the draft Directive as it stands now clearly stimulates strategic anti-ESG behaviour and is only advantageous for secured creditors who are already "in the money". The problem is that these advantages are the consequence of provisions in the Directive significantly disadvantageous for directors, unsecured creditors and employees.

Observations on Proposal for a Directive of the European Parliament and of the Council Harmonising Certain Aspects of Insolvency Law COM(2022) 702 final The Proposal is most interesting. Nevertheless, I should like to make some observations and suggestions concerning Articles 5 and 36.

1. Portugal (PT) acknowledges the existing divergences amongst the European Union (EU) Member States insolvency laws represent significant obstacles to the establishment of the Capital Markets Union. Thus, 2. We recognize the need for greater convergence of these laws in order to fully achieve the establishment of the Capital Markets Union. 3.

Société Générale agrees that current divergences in Member States insolvency laws and resulting differences in the effectiveness and predictability of insolvency procedures is a hurdle to the creation of a real Capital Markets Union for the financing of European economies.

Intesa Sanpaolo strongly welcomes the Inception Impact Assessment (IIA) of the European Commission (EC) on benchmarking and harmonizing national insolvency procedures in the EU. We also share the general goals and principles announced by the EC, in particular with regard to: (i) Fostering cross border investments, also in light of the need to accomplish the Capital Markets Union (ii) Strike a balance between the…

A harmonisation of insolvency law cannot make a relevant contribution to the establishment of a well-functioning capital markets union. Already at this point, there lacks a compelling interrelation. For the creation of a capital markets union, it is basically of prime importance that financing conditions in the European Union be aligned and that issuer risk be clearly identifiable.

Goal of harmonisation The focus of harmonisation of insolvency laws should be to contribute to the greater economic process. Important (sub) goals grounded in notions of (distributive) justice held within different member states (rights of workers, the environment etc.) should be also reflected. These sub-goals may vary from member state to member state.

Confederation of Finnish industries EK supports goals of initiative "Insolvency laws: increasing convergence of national laws to encourage cross-border investment". EK finds that it is important goal to increase the predictability of insolvency law framework in EU. Still EK finds that possible new actions should be still carefully considered before legislative proposals.

With reference to the consultation of the European Commission on “Insolvency Law: increasing convergence of national laws to promote cross-border investment”, we would like to stress the importance of further measures to harmonise insolvency law in a careful and balanced way. The Bundesverband Deutscher Leasing-Unternehmen e.V.

Filed in German · English published by the European Commission

The Federation of German Industries (BDI) welcomes the intention of the European Commission to further harmonize the European insolvency law as there are still considerable differences in the legal systems of the Members States in terms of its constitution and handling. Please find attached our detailled response to the roadmap on enhancing the convergence of insolvency laws.

Dear Sirs, The Loan Market Association welcomes this opportunity to respond to the Commission's request for feedback on the harmonisation of certain aspects of insolvency law. Please find our response attached. Yours Sincerely, [name removed] Association

Before embarking on any new initiatives aimed at harmonisation of insolvency laws, one should first follow how the Insolvency Directive and, if adopted, the AECE Directive will perform after transposition. Both projects have proved how complex and risky it is to harmonise this field.

France Invest brings together venture capital, private equity, infrastructure and private debt teams based in France, as well as the associated professions which support them. Its membership currently counts 340 management firms and 170 associate members.

The German Insurance Association (GDV) welcomes the initiative “Enhancing the convergence of insolvency laws” and supports the recommendation to address the fragmentation of insolvency laws in EU-Member States. Insurance companies are amongst the largest institutional investors in Europe.

A Directive on restructuring and insolvency entered into force in 2019 and has to be transposed by 17.7.2021. This Directive lays down rules on preventive restructuring frameworks, procedures leading to the discharge of debt of insolvent companies and measures to increase the efficiency of restructuring, insolvency and discharge procedures.

Filed in German · English published by the European Commission

After having published myself on the centrality of insolvency law for any economy (see attached) I do full-heartedly endorse the initiative. The only advice I would want to give after recognising how the various member states transpose the EU Directive 2019/1023: Don't aim at drafting a Directive! The envisaged conformity or convergence will most likely not be achieved.