Past Event

Debt restructuring through better insolvency standards

What potential to revive European enterprises?

Date: January 18, 2017, 12:30 pm Topic: Finance & Financial Regulation

SUMMARY

The event discussed current insolvency standards in Europe, while particularly focusing on debt restructuring of enterprises. At the heart of the discussion was the newly proposed Directive for insolvency proceedings by the European Commission.

The panel pointed out several key characteristics of the current insolvency standards:

  • Most EU Member States implemented a number of changes and improvements to the national insolvency standards over the past few years.
  • Liquidation is still the more likely outcome compared to debt restructuring, even if an enterprise can be saved. This not only results in job losses, but also threatens the existence of other enterprises.
  • The so-called “liquidation culture” originated from jurisdictional obstacles, discouraging investors and making cross-border insolvency proceedings very difficult.
  • In Europe, schemes of arrangement that were developed in the UK are the most common way of resolving insolvency proceedings. As pointed out by Philip Hertz, Global Head of Restructuring at Clifford Chance, the schemes will be unaffected by the BREXIT.
  • Current insolvency standards are most suitable for larger corporation and less so for SMEs. In particular, an evaluation issues of SMEs assets was noted to exists.

The framework proposed by the European Commission was welcomed by the panel members as a step towards harmonizing and restructuring the national insolvency standards across European countries. Andreas Stein, head of Unit in DG Justice, emphasized the aim of the proposal to lower jurisdictional obstacles to SMEs, while leaving enough room for Member States to adjust the framework to fit their needs, as one size will not fit all. Making insolvency proceedings simpler, faster and more transparent should achieve a more uniform environment for banking and investment across the emerging EU-wide capital market.

Video and Audio recording

 

Schedule

Jan 18, 2017

12:30-13:00

Check in and lunch

13:00-14:00

Panel Discussion

Chair: Alexander Lehmann, Non resident fellow

Catherine Bridge Zoller, Senior Counsel, European Bank for Reconstruction and Development

Philip Hertz, Global Head of Restructuring, Clifford Chance

Sarah Paterson, Assistant Professor of Corporate Insolvency, London School of Economics

Andreas Stein, Head of Unit, DG Justice

14:00-14:30

Q&A

14:30

End

Speakers

Catherine Bridge Zoller

Senior Counsel, European Bank for Reconstruction and Development

Philip Hertz

Global Head of Restructuring, Clifford Chance

Alexander Lehmann

Non resident fellow

Sarah Paterson

Assistant Professor of Corporate Insolvency, London School of Economics

Andreas Stein

Head of Unit, DG Justice

Location & Contact

Bruegel, Rue de la Charité 33, 1210 Brussels

Matilda Sevon

matilda.sevon@bruegel.org

Read about event

Past Event

Past Event

Fintech and the digital transformation of banking

FinTech is changing the financial sector. What are the challenges associated with this and what policies should we adopt in response?

Speakers: Xavier Corman, Cora van Nieuwenhuizen, Georgios Petropoulos, Ezequiel Szafir and Pēteris Zilgalvis Topic: Finance & Financial Regulation, Innovation & Competition Policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: June 20, 2017
Read about event More on this topic

Past Event

Past Event

Lessons for the future governance of financial assistance in the EU

On 14th June, Randall Henning will present his latest book on the Euro crisis and we will discuss how financial assistance should be governed in the euro area in the future.

Speakers: Servaas Deroose, C. Randall Henning, Rolf Strauch and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: June 14, 2017
Read about event More on this topic

Past Event

Past Event

Substance requirements for financial firms moving out from the UK

In the run-up to Brexit, UK-based financial firms are considering how to organize their operations across the future divide between the UK and EU27. This event will discuss the regulatory requirements on how self-sustaining the operations in the EU should be, and implications for the single market and third countries.

Speakers: Gerry Cross, Simon Gleeson and Nicolas Véron Topic: Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: June 2, 2017
Read about event

Past Event

Past Event

Inclusive growth: global and European lessons for Spain

Can manufacturing still be a driver for inclusive growth around the world? What European and national policies can foster inclusive growth in Europe? What is the situation in Spain and what can Spain learn from the global and European experiences?

Speakers: Cristina Cabrera, Zsolt Darvas, Maria Demertzis, Alejandra Kindelán, Robert Lawrence and Federico Steinberg Topic: European Macroeconomics & Governance, Global Economics & Governance Location: Calle Los Madrazo 36-38 Madrid Date: May 31, 2017
Read about event

Past Event

Past Event

Geo-blocking in the digital single market

Geo-blocking is a discriminatory practice that is wide-spread in EU. It prevents online customers from accessing and purchasing products or services from a website based in another member state

Speakers: Marine Elgrichi, J. Scott Marcus, Fabian Paagman, Bertin Martens, Georgios Petropoulos, Agustin Reyna, Gareth Shier, Werner Stengg and Roza von Thun Topic: European Macroeconomics & Governance, Innovation & Competition Policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: May 30, 2017
Read about event More on this topic

Past Event

Past Event

Financial Times - Bruegel Forum: the future of Europe after the French election

The second event in the Financial Times - Bruegel Forum series will look at how the results of the French elections will affect Europe.

Speakers: Tony Barber, Jean Pisani-Ferry and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: May 11, 2017
Read about event More on this topic

Past Event

Past Event

Standardisation and patents: problems and policy options

Bruegel together with the Association for Competition Economics (ACE), is hosting an event on standardization and SEP licensing.

Speakers: Aleksandra Boutin, Georgios Petropoulos, Rebekka Porath, Pierre Regibeau and Hughes de la Motte Topic: Innovation & Competition Policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: May 9, 2017
Read about event More on this topic

Past Event

Past Event

Protecting the privacy of electronic communications: getting the next steps right

Do the European Commission's recent initiatives put us on the right path?

Speakers: Nicholas Blades, Orla Lynskey, J. Scott Marcus, Alexander Whalen and Jeremy Rollison Topic: Innovation & Competition Policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: April 25, 2017
Read about event More on this topic

Past Event

Past Event

Global outlook and policy priorities

At this event the Managing Director of the International Monetary Fund, Christine Lagarde, will speak about the global outlook and policy priorities, ahead of the 2017 IMF Spring Meetings

Speakers: Christine Lagarde, Jean-Claude Trichet and Guntram B. Wolff Topic: Global Economics & Governance Location: Brussels Date: April 12, 2017
Read article More on this topic More by this author

Blog Post

Building a more resilient and inclusive global economy

Curtain raiser speech ahead of the 2017 IMF Spring Meetings delivered at Bruegel by the Managing Director of the International Monetary Fund.

By: Christine Lagarde Topic: Global Economics & Governance Date: April 12, 2017
Read about event More on this topic

Past Event

Past Event

Can EMU survive a multi speed Europe?

On 6 April Bruegel, as in previous years, hosted the presentation of the Euro Yearbook, a collection of experts’ insights on the construction of the European Monetary Union through 2016.

Speakers: Pablo Zalba Bidegain, Maria Demertzis, Fernando Fernandez, Javier Méndez Llera, Karl Pichelmann and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: April 6, 2017
Read about event More on this topic

Past Event

Past Event

Central bank communication in a low interest rate environment

At this event, we are pleased to welcome Mr. Benoît Coeuré, Member of the Executive Board of the European Central Bank at Bruegel.

Speakers: Benoît Coeuré and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: March 31, 2017
Load more posts