and cooperation.
Marta Flores( Universidad Autónoma de Madrid, Spain) provided a detailed explanation of Article 755 of the Spanish Insolvency Act, which offers a procedural coordination mechanism for corporate groups where the centre of main interests( COMI) of the parent company is located in Spain She explained that, while the mechanism strengthens centralised restructuring solutions, it may potentially raise recognition challenges in other jurisdictions, particularly where local entities have distinct COMIs. Nevertheless, practice to date suggests that the tool has been effectively used and, importantly, creditors have generally accepted the Spanish coordinated approach.
Florian Bruder( DLA Piper) complemented the discussion by examining practical aspects of cross-border coordination and creditor alignment in multinational restructurings.
3. The seminar concluded with an indepth comparative discussion on prepack
proceedings, with José Carles( CARLES Legal, Spain). Mylène Boché-Robinet( Boché Dobelle, France), Lucas Kortmann( RESOR, The Netherlands), and Stine D. Snertingdalen( KVALE, Norway) offered insights into national approaches and the growing influence of EU harmonisation efforts.
A key focus was the proposed Directive on harmonisation of certain aspects of insolvency law, which will introduce a structured two-step prepack procedure in the EU( therefore, not in Norway).
• Preparation phase( 1): A court appoints a monitor to supervise the preparation of a sale of the business. The debtor remains in control while a competitive marketing process is conducted. Negotiations with potential purchasers take place under supervision to ensure transparency, market testing and creditor protection.
• Formal insolvency and execution of the
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