INTRODUCTION Contributed by: Marcel Willems and Rowan Hamer, Fieldfisher
Insolvency Law Within insolvency law, there is increasing demand for out-of-court restructuring and preventive measures that can rescue companies in financial distress from bankruptcy. In such proceedings, the emphasis is no longer just on settling debts, but also on preserving jobs and economic value that otherwise would be lost. In light of the above developments, such as ever- increasing globalisation, and the growing presence of international aspects in restructuring or insolvency proceedings, additional international insolvency law rules are needed. This will allow for more predictable and efficient insolvency proceedings. To this end, a proposal was made by the European Commission in December 2022, which aims to harmonise certain aspects of insolvency law in the European Union, such as a director’s duty to request the opening of insolvency proceedings and a pre-pack procedure in which a (or part of a) business can be sold as a going concern. In 2025, the proposal progressed as the Council adopted its general approach, paving the way for negotiations with the European Parliament once it finalises its position, with the aim of agreeing on a final directive. As long as insolvency law is not harmonised, knowl - edge of other legal systems is crucial.
trade is in a constant state of shock, with old alliances being broken and new ones being formed. Sanctions, asset freezes and political instability have become common triggers for insolvency, particularly for businesses with cross-border operations or expo - sure to restricted markets. Bankruptcy Numbers Now in 2025, businesses are still facing relatively high inflation (due to, amongst others, trade protectionism and wage growth), higher interest rates and low unem - ployment. This, combined with the above-mentioned additional economic developments, has resulted in an increasing number of businesses struggling finan - cially, and there has been a clear upward trend in the number of restructurings and bankruptcies, which is generally believed to continue for quite some time, yet at a slower pace. According to Allianz-Trade’s insol - vency report, the insolvency numbers in 2024 stood out in the US with a rise of +22%, followed by the Eurozone with a rise of +19%. The forecasts, as made by Allianz-Trade, imply that the global upward trend of business insolvencies will continue through 2026, with +6% in 2025 and +3% in 2026. The key drivers behind the upward trend are the risk of delayed easing of interest rates, the pro - longed uncertain environment and the soft rebound in demand. Driving the global increase, North America and Asia will see the steepest gains: the US is fore - cast at an increase of +11% to 25,580 cases in 2025. Western Europe faces an increase of +3% in 2025, marking a fourth consecutive annual increase.
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