Nottingham and the French Insolvency Connection

The Centre for Business and Insolvency Law recently saw one of its members, Professor Paul Omar, attend a conference hosted by the Chambre de commerce international (CCI) Paris Ile-de-France.

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Paul Omar

The Centre for Business and Insolvency Law recently saw one of its members, Professor Paul Omar, attend a conference hosted by the Chambre de commerce international (CCI) Paris Ile-de-France at the organisation's headquarters on the Avenue de Friedland in Paris. The conference, held on 13 November 2014, was held to mark the 20th anniversary of the OCED (Consular observatory on enterprises in difficulty), a partnership between the CCI and the Commercial Courts of the Paris region. The purpose of the observatory is to contribute to the diagnosis and prevention of enterprises in difficulty as well as assist in treating businesses nearing insolvency. It achieves this by collecting statistics on the incidence and prevalence of insolvency procedures, their uses and outcomes, and by analyzing the impact on businesses of fluctuations in the economy. The OCED regularly produces newsletters, summaries of debates on and around insolvency law as well as alerts on economic performance in the business sector.

Professor Paul Omar was invited to be part of an international panel looking at comparisons between French and foreign laws via a case study format illustrating a typical corporate group scenario in insolvency. The panel, which grouped together representatives from Belgium, Germany, Italy, Spain and the United Kingdom, presented views on whether domestic laws contain sufficient prevention tools, such as diagnostics processes and pre-insolvency measures, how insolvency procedures are triggered, what the role of creditors and employees are in such procedures as well as what outcomes the insolvency law provide that would be useful to businesses facing financial difficulties. The position in the United Kingdom, which appears to have a very different focus to its continental counterparts, was the subject of a number of references in later presentations, affording an insight into whether European insolvency laws can be said to be converging in the opportunities they offer for reconstruction and rescue.

Nottingham and the French Insolvency Connection

Published on 13 November 2014
  • Category: Nottingham Law School

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