Following our second installment in the Winter edition of Eurofenix, we continue our series of interviews with former presidents of INSOL Europe, looking back to see just how far we have come today...
Michael Thierhoff
(2006-07)
How has the world of insolvency changed over the past 30 years? When INSOL Europe was founded in 1981 I had just started my professional life as an audit assistant with one of the then so called Big 8 Firms. I was as far away from insolvency as one could be. In those days in Germany we still referred to it as “Konkurs” and it was governed by a law dating back to 1877. This law was pretty straightforward and worked along the lines of what was the spirit of dealing with financial failure in the late 19th century: kill, disembowel and dismantle. It goes without saying that it did not grant a discharge. Instead it was eager to grant priorities wide and far to employees, the government, doctors, midwifes and many many more....
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