Presentation of the Rescue of Business in Insolvency Law Instrument in Vienna (Austria)


The ELI Instrument on the Rescue of Business in Insolvency Law, elaborated by Bob Wessels and Stephan Madaus, was finalised and approved this year by the ELI Council and the General Assembly in September. The Instrument, which identifies a number of topics that are ripe for further approximation or harmonisation across Europe, includes 115 recommendations and is designed to assist those involved in a process of law reform and those setting standards for soft law in the business rescue context.

On the occasion of the 52nd Session of the United Nations Commission on International Trade Law (UNCITRAL) Working Group V (Insolvency), the ELI organised an event on 20 December 2017 at the Austrian Ministry of Justice, which attracted around 60 participants.

The guests were cordially welcomed by ELI President Christiane Wendehorst, who gave a presentation of the work of the ELI: ‘The ELI is a Membership-based organisation’, Wendehorst said while emphasising the vital role of Members in the activities of the Institute, particularly with regard to ELI Projects. She also took the opportunity to express her gratitude for having UNCITRAL as an Institutional Observer.

Thereafter, one of the two Co-Reporters of this Project, Stephan Madaus, took to the stage to present the Instrument itself. He elaborated on the aims, methodology and outcomes of the Project and thanked all the parties involved for their contributions, especially his fellow Co-Reporter Bob Wessels, who had conceived the Project.

Madaus was followed by José Angelo Estrella-Faria, a Senior Legal Officer at UNCITRAL. Estrella-Faria presented an overview of UNCITRAL’s history and work to the audience and highlighted commonalities between the ELI and UNCITRAL: ‘This Instrument we present today is an excellent example of this complementary relationship’, he said.

The presentation was followed by a reception, where the guests had in-depth discussions on the topic. The ELI Instrument on the Rescue of Business in Insolvency Law as well as the background materials leading to it will be published with Oxford University Press in the coming months. For a summary of the Project and its background, please click here.