A guide to pre-insolvency and insolvency proceedings across Europe

The construction of insolvency regimes across Member States has evolved towards an increasingly integrated Europe. The most significant recent development is the adoption of Directive (EU) 2019/1023 on preventive restructuring frameworks, discharge of debt and disqualifications. This directive is the first European text to substantially modify internal standards in this area and represents a new stage in the harmonisation of national laws. It seeks to contribute to the smooth operation of the internal market and to remove obstacles to the exercise of fundamental freedoms (particularly the free movement of capital and the freedom of establishment) caused by discrepancies between national insolvency laws and procedures. The transposition of this directive into Belgian national law will take effect as of 1 September 2023.

Harmonisation at European level continues with a new draft directive (Directive 2022/0408, an initial version of which was published by the European Commission on 7 December 2022). The aim is to harmonise the laws of the Member States on a number of complementary aspects in order to facilitate cross-border investments and continue to improve the operations of the single market by further reducing the discrepancies between the different national insolvency laws.

The professionals in the Deloitte network are following, with the utmost attention, these crucial developments which will shape not only the insolvency law of tomorrow but also, and more broadly, the new reflexes to be adopted in the context of any economic activity in Europe.

Our network of recognised practitioners bring together their expertise to assist you with complex cross-border issues and, more generally, to help you with your projects in all situations, whether as a debtor, creditor, partner, shareholder or manager of a European company experiencing difficulties.