The notion that procedural law embodies a formal law that drags slowly, trying to comply with social development and value changes, only being renewed under duress when resources are reduced, is probably right, but also wrong. Litigation law does move slowly and resists change, but this rigidity is offset by alternative dispute resolution (ADR) which supplements and enriches traditional adversarial legal procedures. Regarding insolvency proceedings, much has changed in the European legal system. The new European Insolvency Regulation (recast EIR) has been applicable since last summer, and the EU Commission’s proposed restructuring Directive, COM(2016) 723 final, is subject to discussions within the Council and its preparatory bodies.
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