News overview

Principles for Insolvency Office Holders close to finalisation

SantenBernard Santen is leading a major project for INSOL Europe to design a set of Principles and Best Practices for Insolvency Office Holders (IOHs) in Europe. The 2014 summer edition of Eurofenix included an article that summarises some of the findings thus far, followed by the second public draft of the Principles.

Click here to donwlaod the article that appeared in Eurofenix.


On his blog professor Bob Wessels, consultant to the IOH Project, said:

'Although the Statement of Principles offer non-binding texts, I am confident they may eventually be considered as a Statement containing the minimal acceptable level of behaviour and performance of IOHs in Europe. One may recall that the European Parliament at the end of 2011 invited the European Commission also to submit a proposal on certain requirements for the qualifications and work of ‘liquidators’. There is no such proposal in the EC’s March 2014 Recommendation. It may very well be that the results of the IOH project, which are based on thorough research and discussions with a larger group of experienced practitioners, academic scholars and judges, will be the benchmark of choice for national practitioner associations or legislators or, more prefered, a European minimum standard. By using e.g. an ‘Opinion’ in the meaning of Article 288 TFEU, the Commission could give the Statement a rise to a level that the subject deserves.'