As has been pointed out in previous issues of Eurofenix, an extensive amendment to the Insolvency Act took effect on 1 July 2017 (2017 Amendment).
The 2017 Amendment brought several substantial changes to a number of aspects pertaining to insolvency proceedings, including most notably the security of future or contingent claims (e.g. bank guarantees), the assessment of a company’s insolvency and its discharge from debts. Looking at the statistics concerning insolvency proceedings in 2017 and comparing them with the data from 2016* one might make a couple of remarks regarding the 2017 Amendment.
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