View from Spain continued from page 33 showed at the time that general meetings of creditors were not really a body for debating and finding solutions, as creditors’ attendance was extremely infrequent. Since the general meeting of creditors has been suppressed( yet not particularly missed), were the Proposal to go ahead in its original terms, Spain would have to resurrect creditors ' meetings ¾a resurrection that would necessarily entail major amendments and adjustments in the Spanish Insolvency Act. This is why the Council’ s General Approach of 23 May 2025 on the Proposal ¾which envisages a solution for Member States whose national law does not provide for a general meeting of creditors¾ is to be welcomed 1.
The second circumstance that will complicate the Spanish transposition as far as creditors’ committees are concerned is that, when it comes to setting up the specific design of the body, the Proposal grants Member States a great margin of freedom. Indeed, many are the issues that are left to the discretion of Member States: the voluntary or mandatory nature of the appointment as member, the removal and
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52 Networking and Collaboration Beyond the panels, the NextGen Program offered ample opportunities for networking and collaboration. Attendees participated in breakout sessions, cocktail and dinner receptions, and other social activities carefully planned by the NextGen Conference Planning Committee, which brought together NextGen members with other III members and conference participants. These informal interactions were instrumental in building relationships and sparking new ideas for research and practice. replacement of a member( grounds, procedures, consequences), their remuneration if any, the working methods( who convenes the meetings, whether or not regular meetings are necessary, whether or not the attendance through a representative is allowed), the rights, duties and powers of the committee( as only a minimum standard is set), etc. Irrespective of the doubts that arise from the effectiveness of the harmonization when such a great margin of freedom is attributed to Member States( as the resulting body might end up with significant differences in each jurisdiction), the transposition of the Directive will entail for Spain the need to build up ex novo the legal regime of the creditors ' committee: abundant decisions would have to be taken on issues of great importance and impact on the effectiveness and usefulness of the body that finally emerges, and they would have to be taken without prior experience in the matter.
In conclusion, the foreseen harmonization of creditors’ committees is being followed up in Spain with incertitude and great expectancy as to the final text that will be enacted.
Conclusion
The 2025 NextGen Program at the III Annual Conference was a resounding success, offering a rich blend of substantive content, comparative analysis, and forward-looking dialogue. As insolvency law continues to evolve in response to global economic shifts and technological innovation, the NextGen community remains at the forefront: driving change, fostering collaboration, and shaping the future of the field.
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