Last week, our distinguished restructuring partner, Bart de Moor, took center stage as a keynote speaker and active contributor to the panel discussion at the prestigious 2023 Insol Europe - Luxembourg Conference, organised by EY Luxembourg and Dentons. The presence of our Luxembourg colleagues, Etienne de Crepy and Sofia Minzatu, underscored our commitment to staying at the forefront of restructuring services.

Bart De Moor conducted a meticulous examination of the implementation of Directive (EU) 2019/1023 on preventive restructuring frameworks, offering a comprehensive perspective from both Belgian and Luxembourg law standpoints.

Delving into critical issues, he pointed out the imperative need for amendments to seamlessly integrate new proceedings, raised concerns about the optional nature of provisions leading to a limited harmonization of EU insolvency law, and highlighted specific challenges in Luxembourg regarding the treatment of classes of creditors across companies of varying sizes.

Navigating through the intricate labyrinth of inconsistent terminology and complex definitions within the directive, Bart De Moor acknowledged the challenges faced by business owners and management dealing with distressed companies.

However, his resounding conclusion exuded optimism, recognizing substantial progress in aligning pivotal concepts across the European Union, marking a decisive stride toward the adoption of more effective restructuring proceedings.