Insolvency Initiative Consultation on an effective insolvency framework within the EU Mihaela CARPUS CARCEA Directorate-General for Justice and Consumers Unit A1 Civil Justice Policy 7 April 2016

Practical information Period of consultation: 23/03/16 until 14/06/16 Online consultation questionnaire (EU-Survey) All EU languages (from mid-April) Open questions and free text boxes Optional questions Separate written contributions Transparency Register 7 April 2016

Objectives Gather views of broadest possible range of respondents Identify aspects having particular importance for Internal Market or the integration of capital markets Identify aspects that could form part of a legislative initiative or other possible complementary action 7 April 2016

Subject matters covered General scope and envisaged problem areas Focus on: Preventive restructuring proceedings Matters already covered by the 2014 Recommendation (stay, new finance, cram-down, involvement of courts etc.) + New areas: valuation questions, harmonisation of insolvency test, incentives for directors to file early, early warning and support measures Second chance Matters already covered by the 2014 Recommendation (e.g. discharge periods, excluded claims) + New areas: consumer insolvency, availability of debt advice, common definition of "honesty" 7 April 2016

Other matters with impact on the recovery of debts Ranking of claims and order for priorities Avoidance actions Insolvency practitioners Specialisation of courts Disqualification orders for directors 7 April 2016

Thank you! The consultation is available at: http://ec.europa.eu/justice/newsroom/civil/opinion/160321_en.htm 7 April 2016