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Kanzlei Verbracken & Partner
EU insolvency: from initial assessment to discharge
EU insolvency is not a single standard European procedure. The competent country determines the proceedings, while European rules address matters including jurisdiction and recognition. High debts therefore require careful preparation and clear responsibilities.
1. Assess circumstances and alternatives
Start with complete creditor and asset lists, income, family obligations and deadlines. Include settlement and German proceedings among the alternatives. Identify potentially excluded debts early. For businesses, separate the company from personal liability.
2. Establish jurisdiction and practical feasibility
Assess the centre of main interests using actual circumstances. A mailbox address is insufficient. Discuss evidence requirements and the practicality of any genuine relocation with the relevant professionals. Housing, work, family and ongoing costs belong in the decision.
3. Plan costs and documents comprehensively
Budget for advice, proceedings, translations and any relocation and living costs. Establish who reviews documents and who provides local legal representation. Include loan agreements, tax records, security and previous proceedings. Record scope and fees in writing.
4. Application and duties during proceedings
Application, court review and opening follow the competent country’s law. Disclosure, cooperation and payment duties may apply. Discuss changes in income, assets or residence with the relevant professionals and disclose them as required. Filing alone is not discharge.
5. Decision and effect of discharge
Check the final decision and the specific debts it covers. EU recognition does not mean every claim, security or third-party liability disappears. Retain relevant court orders and translations. Any later creditor demands should be assessed against those documents.
Sources and legal foundations
Sources checked: 14 September 2026
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