The European Commission has invited Dr Felix Steffek, Co-Director of the Centre for Corporate and Commercial Law (3CL), to join the Group of Experts on Restructuring and Insolvency Law. The Expert Group assists the European Commission with the preparation of a potential legislative proposal containing minimum standards for a harmonised restructuring and insolvency law in the European Union.
The group focusses on those legislative needs that remain after the EU Regulation on Insolvency Proceedings (2015) and the Directive on Restructuring and Insolvency (2019). In particular, the group is tasked to consider special rules for small and medium-sized enterprises, improvements to make restructuring and liquidation proceedings more effective and efficient, the qualification of insolvency practitioners and the responsibility of directors in the vicinity of insolvency.
The Expert Group is lead by the Directorate-General for Justice and Consumers (DG JUST). In addition, the Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA) is associated with this initiative. Major policy objectives are the free movement of capital in the internal market, better enforcement of claims in insolvency and a second chance after the bankruptcy of natural persons.
Responding to the invitation, Dr Steffek said: "I am honoured and delighted to contribute to the EU Expert Group on Restructuring and Insolvency Law. The EU Insolvency Regulation and the EU Restructuring and Insolvency Directive are important milestones and have improved the EU insolvency framework significantly. However, there are still considerable opportunities for further progress."
