In December 2022, the European Commission presented a draft Proposal for a Directive of the European Parliament and of the Council harmonising certain aspects of insolvency law , opening discussions on some of the potential changes into national laws, together with the remarks and positions towards the Proposal.
49 entities issued their positions (statements) within this legislative process, and now the European Commission analyses these documents, aiming to propose a Directive by the end of 2023.
The Proposal covers, according to Article 1.1, the following areas:
1. avoidance actions;
2. the tracing of assets belonging to the insolvency estate;
3. pre-pack proceedings;
4. the duty of directors to submit a request for the opening of insolvency proceedings;
5. simplified winding-up proceedings for microenterprises;
6. creditors’ committees;
7. the drawing-up of a key information factsheet by Member States on certain elements of their national law on insolvency proceedings.
It is important to mention that within the whole European Union the level of coherence of the abovementioned issues is relatively low, thus the article may be useful for other Member States facing the need to assess required changes and amendments to the law.
Paweł Kuglarz and Mateusz Kaliński, LL.M. of Tatara & Partners, and also on behalf of the Allerhand Institute INSO Section, were co-authors of statements commenting the Proposal, and submitted their papers within “have your say” initiative.
It is worth noting that only one statement was submitted by the entity from Poland – namely INSO Section of the Allerhand Institute, prepared by i.a. Paweł and Mateusz.
Author: Paweł Kuglarz; Mateusz Kaliński, LL.M
footnotes
[1] Document Brussels, 7.12.2022, COM(2022) 702 final, 2022/0408 (COD), available at: https://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/12592-Insolvency-laws-increasing-convergence-of-national-laws-to-encourage-cross-border-investment_en [access: 05/06/2023], hereinafter: the “Proposal”.