Europes latest attempt to harmonise aspects of
insolvency law will face significant cultural and political
hurdles, according to a UK partner.
released a draft report in early June which, among other
things, looks to identify areas in national insolvency laws
that could be harmonised across the EU.
These areas include the opening of insolvency proceedings,
filing of claims, avoidance actions, qualification and work of
liquidators, and restructuring plans.
However Christian Pilkington of White & Case in London
said that given the large differences between the priorities of
each countrys insolvency process England is
creditor friendly for example, while France and Italy are
employee focused it would be too difficult to find a
Personally its an admirable goal, but I honestly
think its one step too far for individual member states
with such different cultural and political