In a désastré, (ie an informal insolvency procedure where the assets of the debtor are distributed pro rata amongst his or her creditors) the insolvency is administered by one of the creditors under the supervision of the court. Where an individual is declared insolvent, a committee of creditors is appointed to follow the insolvency process. There is no separate regime in respect of the insolvency of an insurance company.

Two categories of insolvency practitioners can be appointed, namely: judicial administrators and judicial liquidators, and these two types of insolvency practitioners are generally known to have a monopoly on all insolvency proceedings in France. Legally no specialisation is required for an IP to be appointed. An IP’s reputation however may be a significant consideration in favour of being more easily appointed for certain types of cases.

Appointment A trustee (curator/curateur) is appointed in a bankruptcy proceeding pursuant to Article 27 of the Bankruptcy Act of August 8, 1997, as amended (Bankruptcy Act). Since April 1, 2009, the Belgian Act of January 31, 2009 on the Continuity of Undertakings (Act on the Continuity of Undertakings) replaced the existing Act of July 17, 1997 on the Judicial Composition.

EUROPEAN UPDATE: The Powers of the Pensions Regulator: Where Do They Rank in an Insolvency? (Citation: Adam Gallagher, The Powers of the Pensions Regulator: Where Do They Rank in an Insolvency?, XXX ABI Journal 4, 26, 56-57, May 2011) - Adam Gallagher

The Portuguese hope to emulate the Beatles and get by with a little help from their friends, never mind that the €80 billion-€90 billion ($115 billion-$130 billion) of help they need hardly qualifies as "little," The Wall Street Journal reported. Portugal cannot repay the loans that are falling due, or cover current spending with the tax revenues generated by its stagnant economy. Enter its friends, who propose to lend it money with which to repay the creditors that are about to bang on the door.

EUROPEAN UPDATE: France's New Fast-Track Safeguard Law (citation: Adam Gallagher, France’s New Fast-Track Safeguard Law, XXX ABI Journal 2, 30-31, 75-76, March 2011) - Adam Gallagher

Public debts in developed world economies have surged in recent years to levels not recorded since the end of World War II, surpassing the heights reached during the First World War and the Great Depression.

It can sometimes be hard to tell who’s who at Ecofin meetings – the vast majority of the 27 European Union finance ministers are middle-aged men in sensible suits with sensible haircuts. Thank goodness, then, for Sweden’s Anders Borg, whose ponytail and earring are more reminiscent of an axe-wielder (of either the heavy-metal guitar or the Norse weapon variety) than a bean-counting pen-pusher, and his latest chapter in the epic saga of Swedish-EU relations, the Real Time Brussels blog reported. The flowing locks aren’t the only touch of the Nordic warrior about Mr. Borg.

The Ministry of Justice yesterday published its consultation entitled "Proposals for Reform of Civil Litigation Funding and Costs in England and Wales – Implementation of Lord Justice Jackson's recommendations". Click here for more.