In this episode of the International Insolvency
Institute’s Global
Perspectives podcast, we covered the treatment of third-party releases in three
European jurisdictions: the UK, Netherlands and Italy. Our
expert panelists were Professor Gerard McCormack (University of Leeds), Professor Alessandra Zanardo (Ca’ Foscari, University of Venice)
and Prof. Dr. Omar Salah (Norton Rose Fulbright, Tilburg
University, III NextGen).
After a short introduction on what third-party
releases are, our panelists discussed the topic from the perspective of their
jurisdictions. Prof. Zanardo observed that in Italy the framework is fluid, and
that the judicial approach to third-party releases may change as a result of
recent legislative changes. In the Netherlands, Prof. Dr. Salah discussed the
requirements for obtaining a third-party release as part of a Dutch scheme
(i.e. WHOA). Finally, Prof. McCormack expanded on a provocative and
counter-intuitive remark that the pro-release approach under English law may
result in fewer companies shopping for the English restructuring forum.
NextGen’s Chairperson, Adam Crane (Baker & Partners
in the Cayman Islands), introduces this podcast, which has been moderated by Dr Eugenio
Vaccari (Royal Holloway, University of London). The podcast was recorded in
early late February 2024, with the information correct at the time of the