Vol 23 (2026) - Issue 2

Article preview

Filling the Gap in the Preventive Restructuring Directive: Judicial Reflections on Confidentiality, Secrecy and Privilege

Synopsis
This article explores the Judicial Reflection Paper on confidentiality, secrecy, and privilege, as recently published by the Conference on European Restructuring and Insolvency Law ('CERIL'). The Judicial Reflection Paper completes CERIL's trilogy on these themes by offering judicial perspectives on how confidentiality and disclosure are handled in preventive restructuring. Key issues include the debtor's duty of disclosure, judicial
discretion, conflicts over privilege, procedural efficiency, and cross-border challenges. The reflections show that judges are not only gatekeepers of confidentiality but also drivers of harmonisation. By stimulating dialogue across Europe, the Judicial Reflection Paper helps to fill the EU Preventive Restructuring Directive's silence on matters of confidentiality, secrecy, and privilege.