1. Sponsors INSOL Europe would also like to thank the following organisation for their support: www.tmpartner.de INSOL Europe would like to thank the following conference sponsor for their generous support: Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili www.cndcec.it

2. Welcome Addresses Jim Luby, INSOL Europe President, McStay Luby, Dublin Prof. Christian Berger, University of Leipzig, Law Faculty Horst Piepenburg, PIEPENBURG – GERLING Rechtsanwälte, Düsseldorf and DAV German Lawyers’ Association (Working Group Insolvency Law & Restructuring)

3. Survey of the proposals Moderator: Prof. Christian Berger, University of Leipzig, Law Faculty Robert van Galen, NautaDutilh, Amsterdam Daniel Fritz, HERMANN RWS, Frankfurt am Main

4. Proposals for Revision of the EU Insolvency Regulation Robert van Galen, NautaDutilh, Amsterdam Daniel Fritz, HERMANN RWS, Frankfurt am Main

5. Revision of Insolvency Regulation Obligation under Article 46 IR to report and to propose amendments if needed Revision is now spearhead 2012 Experts group Member state representatives INSOL Europe Proposals submitted to European Commission in June

6. Main proposals Insol Europe Amendments to Article 1 Definition of insolvency proceedings – delete the requirement of a total or partial divestment of the assets and the appointment of a liquidator – include requirement of supervision of the courts Investment undertakings

7. Main proposals Insol Europe Amendments to Article 3 COMI definition in Article 2 One year look back period unless – no old creditors – old creditors agree to COMI shift Delete requirement that secondary proceedings are winding up proceedings Include territorial proceedings if COMI is outside EU Jurisdiction in Article 25 matters

8. Main proposals Insol Europe Amendments to Article 5 Rights in rem governed by the law of their location including insolvency law

9. Different kinds of groups of companies Common policy and control by parent company Integrated business -parallel activities in different countries -vertical integration -negotiating power -monopoly or oligopoly Integrated assets Shared financial facilities

10. Substantive consolidation Assets 200 Creds 500 AB Assets 200 Creds 1000 Assets 400 Creds 1500 A+B

11. Regimes of insolvency of groups Coordination between the courts supervising the insolvency proceedings on a non hierarchical basis Coordination between the liquidators on a non hierarchical basis Liquidator of group main proceedings has powers of coordination Mutual liquidator Opening of all main proceedings in group COMI Substantive consolidation

12. Starting point group COMI 1.The redistributive effect of designation of the group COMI should be as limited as possible 2.The group COMI should be determined on the basis of a simple objective criterion

13. Main proposals INSOL Europe Groups of companies Coordinating powers of liquidator of ultimate parent similar to coordinating powers of liquidator main proceedings vs secondary proceedings. E.g. – Power to ask for suspension of acts of liquidation – Certain rights to intervene

14. Main proposals INSOL Europe European Rescue Plan Can be proposed by liquidator of ultimate parent with respect to two or more companies Structure similar to Ch. 11 plan Community law Information memorandum, class schedule, plan

15. Main proposals INSOL Europe European Rescue Plan Acceptance hearing – Court determines who can vote and classes – Voting Confirmation hearing

16. Main proposals INSOL Europe European Rescue Plan Cram down of rejecting class of creditors if – Rejection not in good faith and – Best interest test and – Absolute priority rule Objection to confirmation by creditor or shareholder – Plan unfairly favours one or more creditors or shareholders – Best interest test – Feasibility

17. Main proposals INSOL Europe European Rescue Plan 5% ϴ ϴ ϴ ϴϴϴϴ

18. Main proposals INSOL Europe European Rescue Plan 5% ϴ ϴ ϴ ϴϴϴϴ

19. Main proposals Insol Europe Third countries Adoption of UNCITRAL Model Law

20. Questions from the floor

21. Sponsors INSOL Europe would also like to thank the following organisation for their support: www.tmpartner.de INSOL Europe would like to thank the following conference sponsor for their generous support: Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili www.cndcec.it

22. Coffee

23. Sponsors INSOL Europe would also like to thank the following organisation for their support: www.tmpartner.de INSOL Europe would like to thank the following conference sponsor for their generous support: Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili www.cndcec.it

24. Discussion on Article 3 (COMI, look back-period) and Article 1 (definition of insolvency proceedings) Moderator: Prof. Christian Berger, University of Leipzig, Law Faculty Gabriel Moss QC, South Square, London Emeritus Prof. Dr. Axel Flessner, Humboldt-Universität zu Berlin, Juristische Fakultät

25. Questions from the floor

26. Sponsors INSOL Europe would also like to thank the following organisation for their support: www.tmpartner.de INSOL Europe would like to thank the following conference sponsor for their generous support: Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili www.cndcec.it

27. Lunch