Vol 19 (2022) - Issue 6

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Performance of Insolvency Administrator Activities in EU Member States: A Dutch View

Synopsis
Each Member State of the EU holds the Presidency of the Council of the European Union for six months on a rotational basis. The task of the presidency is to determine the agenda and priorities of the Council of the EU, to preside over its meetings, to broker compromises among the EU Member States as well as to represent the Union at meetings with the other EU institutions and external partners. To recollect, the Council of the European Union is the forum where crucial decisions concerning the EU are adopted. It discusses legislative acts submitted by the European Commission and adopts them, in most cases jointly with the European Parliament in line with the ordinary legislative procedure, the so-called co-decision procedure.
In the second half year of 2022 the Czech Republic fulfilled the presidency. In matters of insolvency and restructuring it had chosen to organise a European Restructuring & Insolvency Conference (ERIC). ERIC has been presented as a platform established by the Ministry of Justice of the Czech Republic in cooperation with the Czech National Bank and the Faculty of Law of Charles University, Prague, for the purpose of deepening the knowledge and understanding of insolvency administration and resolution both locally and in an international context. As a building stone of modern quality assurance in the field of insolvency management, the organisers cited the essence of the conference by referring to the 1982 Report of the UK's Review Committee on Insolvency Law and Practice, commonly referred to as the Cork Report, which stated:
'The success of any insolvency system [..] is very largely dependent upon those who administer it.
If they do not have the confidence and respect, not only of the courts and of the creditors and debtors, but also of the general public, then complaints will multiply and, if remedial action is not taken, the system will fall into disrepute and disuse.'