Over 30 academics, practitioners and judges participated in the ELI Business Rescue Conference, which took place on 16 and 17 November 2016 in Leiden (The Netherlands). The experts discussed insolvency and restructuring regimes in Europe as well as the draft recommendations of the Business Rescue Project.
During the first day, the recent and upcoming legislative developments in the insolvency and restructuring regimes of several European countries (namely: Belgium, France, England and Wales, Germany, Greece, Italy, The Netherlands, Poland and Spain) were discussed. Presentations were given by the present National Correspondents and the members of the Advisory Committee to the project.
On the second day of the Conference, Stephan Madaus, one of the Project Reporters, presented the topic of implementing, modifying and revoking confirmed restructuring plans. During an interactive session, he discussed, among others, with the participants national approaches to supervising the implementation of restructuring plans. Though the approaches differ amongst European countries, together with the participants Stephan looked for room for further approximation of laws.
Bob Wessels, Project Reporter, discussed the actors in insolvency and restructuring proceedings and their roles. He stressed that, indeed, there are many regimes in Europe with regard to rules on actors, in particular courts and practitioners. Bob made some suggestions for furthering the profession of insolvency practitioners, based on the deontology of their work. Concerning courts he suggested several directions for furthering their role, including training of judges, introducing professional insolvency standards and court specialization.
The Conference was a great opportunity for lively discussions and exchange of views with regard to the different approaches towards rescuing distressed businesses in Europe. Due to the in-depth debate, the conference also provided food for thought for the Project Reporters, who are finalising their Report in 2017.