Representatives of EU Project Pravo-Justice and Ministry of Justice of Ukraine Took Part in the Annual Congress INSOL EUROPE

On October 12 to 15, the INSOL Europe Congress was held in Amsterdam (Netherlands). The event was attended by professionals in the field of restructuring, insolvency, and bankruptcy from EU member states, the United Kingdom, the USA, and other countries.

Iryna Zharonkina, Property Rights and Enforcement Component Lead, EU Project Pravo-Justice, and Vladyslav Filatov, Director of the Bankruptcy Department, Ministry of Justice, joined the discussion about the most important trends and issues in the field of insolvency.

The three-day event was mainly focused on the discussion of issues of harmonization of insolvency procedures among EU member states; rehabilitation and restructuring of businesses facing the threat of insolvency; application of preventive restructuring procedures to micro-, small and medium businesses; and prevention of abuse of insolvency procedures. The discussion also covered the issue of how to apply such procedures to businesses with zero assets, namely, what can be the source of funding for such procedures.

In this context, it is worth mentioning that the European Commission is currently preparing a draft of a new EU Directive on the harmonization of certain aspects of insolvency regulation.
“There were many discussions around cross-border bankruptcy. After analyzing the trends and the practice available, it is safe to say that in the future a significant share of insolvency proceedings will have a foreign element. This is what Ukraine also needs to get prepared for,” said Iryna Zharonkina.

Such topics as liability of СEOs and management of companies, impact of sanctions on insolvency procedures, and peculiarities of proceedings in cases of insolvency of crypto companies have also been covered at the event

It should be noted that the session dedicated to professional ethics of insolvency practitioners has been one of the most dynamic. In the course of the discussion, most practitioners underlined that the rules of professional conduct and ethics were among key safeguards against abuses in the framework of proceedings, and should be mandatorily maintained both nationally and internationally.