Vol 20 (2023) - Issue 6

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As the Wheels Turns: On Paradigm Shift and New Dynamics in European Insolvency Law – Part One

Synopsis
International Corporate Rescue is delighted to publish as an article in two subsequent issues the text of the Gabriel Moss Memorial Lecture by Professor Bob Wessels, delivered for the INSOL Europe Academic Forum on 11 October 2023 in Amsterdam. In the article Professor Wessels highlights a number of defects of European insolvency law, specifically related to the EU Insolvency Regulation as it operates in practice. It contains structural flaws and inefficiencies. The Preventive Restructuring Directive introduced uncertainties, implementation complexities, whilst its objective of harmonisation of national insolvency laws of EU Member States is questioned. These sets of rules and ongoing new EU initiatives (digitalisation; sustainability) are insufficiently coordinated and struggle to provide a clear answer to the continuing paradigm shift from insolvency to restructuring.