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Enhancing the convergence of insolvency laws

Justice and fundamental rights

This initiative aims to address the main discrepancies in national substantive insolvency laws, which were recognized as obstacles to a well-functioning Capital Market Union. Efficient insolvency laws are among key criteria for investors to decide on whether to invest cross-border. Enhancing confidence in cross-border financing will boost the capital markets in the Union.

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Public consultation

ID: 12592

Lobbying Activity

42 responses

Consultation response

Bundesverband der Deutschen Industrie e.V., 9 Dec 2020

The Federation of German Industries (BDI) welcomes the intention of the European Commission to further harmonize the European insolvency law as there are still considerable differences in the legal systems of the Members States in terms of its constitution and handling. Please find attached our…

Consultation response

SMEunited aisbl, 17 Mar 2023

Key messages The proposal delivers on two of its core objectives: o Reducing information and learning costs for cross-border creditors and consequently increasing legal certainty as regards the outcomes of insolvency proceedings through the provisions on Creditors committees Tracing assets…

Consultation response

Confederation of Finnish Industries EK, 9 Dec 2020

Confederation of Finnish industries EK supports goals of initiative "Insolvency laws: increasing convergence of national laws to encourage cross-border investment". EK finds that it is important goal to increase the predictability of insolvency law framework in EU. Still EK finds that possible new…

Consultation response

Verband der Automobilindustrie, 17 Mar 2023

Dear Sir or Madam, Thank you for the opportunity to participate in the consultation. Please find the explanations in the attached document. Sincerely Ricarda Leffler

Consultation response

Wirtschaftskammer Österreich, 1 Feb 2023

Dear Sir or Madam, the Austrian Federal Economic Chamber comments on the proposal as enclosed. Best regards Dr. Rosemarie Schön Head of Department Department of Legal Policy

Consultation response

Wirtschaftskammer Österreich, 9 Dec 2020

Dear Sir/Madam, please find in the attached letter the feedback from the Austrian Federal Economic Chamber. Best Regards Dr. Rosemarie Schön Legal Policy Department

Finance industry seeks flexibility in EU insolvency reform

Association for Financial Markets in Europe, 17 Mar 2023

The organization requests removal of mandatory court approval for asset sales and creditor committees, greater clarity on directors' permitted actions during the three-month filing period, and a safe harbour for directors trying to save companies. They want insolvency proceedings that are simpler, more efficient, and more certain.
This would enable faster, cheaper insolvency proceedings without navigating court processes.
Debtors lose protections against rushed asset sales and potential abuse without court oversight.

European Banking Federation seeks secured creditor protections in insolvency reform

European Banking Federation, 14 Mar 2023

The federation demands protections for secured creditors in pre-pack sales and avoidance actions. They want exemptions for financial contracts from stay provisions and termination restrictions. The proposal should clarify that secured creditors must approve asset sales and maintain priority claims.
This would protect their loan recovery rates and reduce legal uncertainty in cross-border lending.
Unsecured creditors and employees would face lower recovery rates as secured banks maintain priority.

Consultation response

European Banking Federation, 9 Dec 2020

Please find our feedback in the attached statement.

Consultation response

Société Générale, 9 Dec 2020

Société Générale agrees that current divergences in Member States insolvency laws and resulting differences in the effectiveness and predictability of insolvency procedures is a hurdle to the creation of a real Capital Markets Union for the financing of European economies. With this in mind,…

Consultation response

Gesamtverband der Deutschen Versicherungswirtschaft e.V., 15 Mar 2023

The German insurers welcome the proposed directive insofar as it aims to strengthen the creditors position in insolvency proceedings across the European Union and to increase their chances to influence the proceedings, in particular through creditors committees. The proposal is also fully supported…

Consultation response

Gesamtverband der Deutschen Versicherungswirtschaft e.V., 8 Dec 2020

The German Insurance Association (GDV) welcomes the initiative “Enhancing the convergence of insolvency laws” and supports the recommendation to address the fragmentation of insolvency laws in EU-Member States. Insurance companies are amongst the largest institutional investors in Europe. To begin…

Consultation response

Invest Europe, 13 Mar 2023

Invest Europe welcomes the European Commissions proposal to further harmonise the insolvency law and procedure across the Member States. We fully support the principles behind the proposal, in particular the intention of shorter, more efficient and less court-led insolvency process. Furthermore, we…

Consultation response

Intesa Sanpaolo, 9 Dec 2020

Intesa Sanpaolo strongly welcomes the Inception Impact Assessment (IIA) of the European Commission (EC) on benchmarking and harmonizing national insolvency procedures in the EU. We also share the general goals and principles announced by the EC, in particular with regard to: (i) Fostering cross…

Consultation response

Asociación Española de Banca, 9 Dec 2020

Attach file with feedback

Consultation response

Deutscher Anwaltverein (German Bar Association), 17 Mar 2023

The German Bar Association in principle welcomes the approach of harmonising national insolvency rules up to a certain point in order to have some alignment with regard to the efficiency of insolvency proceedings in the EU member states and in order to increase the predictability of insolvency…

Consultation response

Nederlandse Vereniging van Banken / Dutch Banking Association, 15 Mar 2023

Please find the feedback by the Dutch Banking Association in the document attached.

Consultation response

Koninklijke Vereniging MKB-Nederland, 17 Mar 2023

Please see attachment.

Consultation response

Pensioenfederatie (Federation of the Dutch Pension Funds), 17 Mar 2023

The Dutch Federation of Pension Funds highly values the European Commissions proposal for a Directive harmonizing aspects of insolvency law. It is a vital building block towards the completion of the Capital Markets Union. In line with a recent appeal by European leaders, we call upon EU…

Consultation response

Leaseurope, 17 Mar 2023

Leaseurope and EUF welcome the opportunity to provide comments on the Commissions proposal for a Directive harmonising certain aspects of insolvency law. Leaseurope and EUF acknowledge that there are differences in national insolvency regimes of EU Member States. As such, Leaseurope and EUF…

Consultation response

Die Deutsche Kreditwirtschaft, 16 Mar 2023

Please find our comments attached.

Consultation response

Bundesverband Deutscher Leasing-Unternehmen e. V., 15 Mar 2023

Dear Madam/ Sir, Please find attached the position of the Federal Association of German Leasing Companies. Kind regards, A. Gruhn

Consultation response

Bundesverband Deutscher Leasing-Unternehmen e. V., 9 Dec 2020

Bezugnehmend auf die Konsultation der Europäischen Kommission zum „Insolvenzrecht: Die zunehmende Konvergenz der nationalen Gesetze zur Förderung grenzüberschreitender Investitionen“ möchten wir hervorheben, wie wichtig es ist, weitere Maßnahmen zur Harmonisierung des Insolvenzrechts mit Bedacht…

Consultation response

Deutscher Steuerberaterverband e.V., 10 Mar 2023

Derzeit sind die Insolvenzvorschriften in der EU noch immer national fragmentiert. In einigen Mitgliedstaaten gelten Insolvenzverfahren als langwierig. Auch ist der Verwertungswert im Falle der Liquidation für Gläubiger in einigen Mitgliedstaaten besonders niedrig. Zudem verursachen die bestehenden…

Consultation response

FRANCE INVEST, 8 Dec 2020

France Invest brings together venture capital, private equity, infrastructure and private debt teams based in France, as well as the associated professions which support them. Its membership currently counts 340 management firms and 170 associate members. France Invest’s members represent one of…

Consultation response

Confederación Española de Cajas de Ahorros (CECA), 17 Mar 2023

CECA (Spanish Association of Savings and Retail Banks) welcomes the opportunity to comment on the proposal for a Directive of the European Parliament and of the Council harmonising certain aspects of insolvency law. Please, find attached our comments.

Consultation response

Bundesrechtsanwaltskammer, 28 Feb 2023

Please find attached the position paper of the Bundesrechtsanwaltskammer on the matter, in German language. Do not hesistate to get back to us for any queries.

Consultation response

Loan Market Association, 14 Mar 2023

Please find the Loan Market Association's feedback in the attached file.

Consultation response

Loan Market Association, 9 Dec 2020

Dear Sirs, The Loan Market Association welcomes this opportunity to respond to the Commission's request for feedback on the harmonisation of certain aspects of insolvency law. Please find our response attached. Yours Sincerely, Hannah Brown Loan Market Association

Consultation response

Clifford Chance LLP, 17 Mar 2023

Please see attachment.

Consultation response

Conseil National des Greffiers des Tribunaux de Commerce, 17 Mar 2023

Créé par la loi n°90-1259 du 31 décembre 1990 (codifiée à larticle L.741-2 du Code de commerce), le CNGTC, doté de la personnalité morale, est chargé dassurer la défense des intérêts collectifs de la profession de greffier de tribunal de commerce. Il est investi de quatre grandes missions : de…

Consultation response

European Federation of Accountants and Auditors for Small and Medium-sized Enterprises, 17 Mar 2023

Please see attachment.

Consultation response

Wirtschaftsprüferkammer (Chamber of Public Accountants), 13 Mar 2023

Sehr geehrte Damen und Herren, wir dürfen Ihnen die Stellungnahme der Wirtschaftsprüferkammer zu Kommissionsvorschlag für eine Richtlinie zur Harmonisierung bestimmter Aspekte des Insolvenzrechts übermitteln. Wir würden uns freuen, wenn unsere Anregungen im Rahmen der weiteren Beratungen…

Consultation response

Abogacía Española, Delegación en Bruselas, 17 Mar 2023

Adjunto se acompañan los comentarios del Consejo General de la Abogacía Española, en relación con la Propuesta de Directiva del Parlamento Europeo y del Consejo (COM(2022) 702 final) de 7 de diciembre de 2022 relativa a la armonización de determinados aspectos de la legislación en materia de…

Consultation response

EOS Holding GmbH, 10 Mar 2023

Please see the attached file.

Consultation response

Kammer der Steuerberater:innen und Wirtschaftsprüfer:innen, 10 Mar 2023

Please find attached the opinion statement of the Austrian Chamber of Tax Advisors and Public Accountants (KSW, Kammer der Steuerberater:innen und Wirtschaftsprüfer:innen). (in German language) For queries and further information, please do not hesitate to contact us.

Consultation response

Verband Insolvenzverwalter und Sachwalter Deutschlands, 10 Mar 2023

Please find attached the statement of the VID - Verband Insolvenzverwalter und Sachwalter Deutschlands on the proposed Directive. Please do not hesitate to contact us if you have any queries.

Consultation response

Verband Insolvenzverwalter und Sachwalter Deutschlands, 9 Dec 2020

Please find attached the feedback from VID-Verband Insolvenzverwalter Deutschlands (e.V.).

Consultation response

YUTA - national association of travel agencies in Serbia, 17 Mar 2023

The tourism sector is an ecosystem, which directly depends on functioning linked business processes and which interconnects, not just the functioning of businesses chains of different business sectors, SMEs, individual entrepreneurs, but also involves that this established business environment is…

Consultation response

EU Federation for the Factoring and Commercial Finance Industry, 17 Mar 2023

Leaseurope and EUF acknowledge that there are differences in national insolvency regimes of EU Member States. As such, Leaseurope and EUF understand, in principle, the need to increase a level of coherence between more efficient and less efficient insolvency legislative frameworks, but also wish to…

Consultation response

European Insolvency Practitioners Association, 16 Mar 2023

Please find attached EIP's Position Paper EIP is an independent, self-funding association founded by European Insolvency Practitioners organizations. The creation of EIP in May 2016 was motivated by the clear belief of the various members to improve procedures efficiency. Currently EIP represents…

Consultation response

INSOL Europe, 8 Dec 2020

Please find attached the feedback from INSOL Europe.