The European Union preventive restructuring framework: A hole in one?

Ehmke, David Christoph; Gant, Jennifer L. L.; Boon, Gert‐Jan; Langkjaer, Line; Ghio, Emilie

doi:10.1002/iir.1344

Cited by 12 publications

(8 citation statements)

References 2 publications

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“…55 The PRD 2019, therefore, merely offers a menu, rather than a truly harmonised framework, based on the codification of best practices already in place in some of the Member States' preventive restructuring regimes. 56 Even in its top-down harmonisation efforts, the EU's instrument reflects and accommodates Member State preferences.…”

Section: The Preventive Restructuring Directive 2019mentioning

confidence: 99%

Harmonising Insolvency Law in the EU: New Thoughts on Old Ideas in the Wake of the COVID-19 Pandemic

et al. 2021

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While the harmonisation of insolvency law in the European Union (EU) has been a top priority on the European institutions' agenda in the last decade, it is well known that this endeavour has been slow and has often met resistance from the Member States.The COVID-19 pandemic revealed that top-down harmonisation of insolvency (i.e., introduced at EU level) has been temporarily halted. The urgency to control or mitigate the economically and financially destructive effects of the pandemic has, nevertheless, forced European governments to adopt domestic strategies and laws in the area of insolvency. Interestingly, however, such measures show that insolvency and restructuring law responses to the COVID-19 pandemic, albeit largely uncoordinated, reflect a phenomenon of bottom-up harmonisation (i.e., introduced by Member States) indicating a convergence towards common approaches. This paper interrogates the insolvency law responses to the COVID-19 pandemic in six European countries (Denmark,

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Section: The Preventive Restructuring Directive 2019mentioning

confidence: 99%

Harmonising Insolvency Law in the EU: New Thoughts on Old Ideas in the Wake of the COVID-19 Pandemic

et al. 2021

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“…The harmonizing effect of the Directive will be limited. Policy and technical choices of member states in the implementation of the Directive will likely result in different restructuring models (see Ehmke et al, 2019;JCOERE Consortium, 2019) which will result in systems that are located at different points of the spectrum within the broad categories outlined above. Differences among various restructuring models will persist, with consequences for creditor protection, debtor treatment and access to credit.…”

Section: Introductionmentioning

confidence: 99%

Restructuring and Insolvency in Europe: Policy Options in the Implementation of the EU Directive

Garrido¹,

DeLong²,

Rasekh³

et al. 2021

IMF Working Papers

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The Directive on Restructuring and Insolvency sets minimum standards for restructuring and certain insolvency matters, but its harmonization effect will be limited given multiple options for implementation, likely leading to divergent restructuring models in Europe. These options reveal different policy approaches to the regulation of restructuring and insolvency. The analysis in this paper aims to illustrate the breadth of the policy choices and their consequences for restructuring activity. States should carefully design restructuring procedures to avoid the negative economic effects of certain options that could undermine creditors' rights or result in unpredictable outcomes, particularly in cross-border cases.

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“…Ehmke, Gant, Boon, Langkjaer and Ghio have presented a comparative review of insolvency and restructuring practice in Denmark, France, Germany, the Netherlands and the UK. 6 The insolvency law in France can be considered the most restructuring-friendly. Entrepreneurs experiencing financial difficulties can take advantage of two non-judicial preventive procedures introduced in 2005: the mandat ad hoc (ad hoc mandate) and conciliation (conciliation).…”

Section: Introductionmentioning

confidence: 99%

The legal restructuring framework in Poland: Does it help indebted enterprises avoid bankruptcy?

Dzyuma-Zaremba¹

2021

Intl Insolvency Rev

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The purpose of the article is to present the latest research regarding the usefulness of restructuring proceedings in Poland, which enterprises threatened with insolvency or already insolvent may use to avoid bankruptcy. Changes in the legal system in Poland in 2015 were ground‐breaking, as not only the bankruptcy law was amended, but also the legal system was enriched with a new Restructuring Law (in force from 2016). The contribution of this article is threefold. First, the specifics of the four types of restructuring proceedings and the main actions to be carried out during the proceedings are discussed. Second, an analysis of the phenomenon of enterprise restructuring in Poland has been conducted on the basis of statistical data published by the Ministry of Justice. Third, the effects of 533 restructuring proceedings opened against capital companies in the period 2016–2018 have been assessed. The results achieved have allowed for the formulation of initial conclusions on the usefulness of the legal debt restructuring framework in Poland for business entities experiencing temporary financial difficulties.

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The European Union preventive restructuring framework: A hole in one?

Cited by 12 publications

References 2 publications

Harmonising Insolvency Law in the EU: New Thoughts on Old Ideas in the Wake of the COVID-19 Pandemic

Harmonising Insolvency Law in the EU: New Thoughts on Old Ideas in the Wake of the COVID-19 Pandemic

Restructuring and Insolvency in Europe: Policy Options in the Implementation of the EU Directive

The legal restructuring framework in Poland: Does it help indebted enterprises avoid bankruptcy?

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