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The European Union preventive restructuring framework: A hole in one?
Author(s) -
Ehmke David Christoph,
Gant Jennifer L.L.,
Boon GertJan,
Langkjaer Line,
Ghio Emilie
Publication year - 2019
Publication title -
international insolvency review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.125
H-Index - 7
eISSN - 1099-1107
pISSN - 1180-0518
DOI - 10.1002/iir.1344
Subject(s) - restructuring , insolvency , debtor , directive , status quo , context (archaeology) , european union , business , notice , creditor , economic policy , political science , finance , economics , market economy , debt , law , computer science , programming language , paleontology , biology
While traditionally (Continental) Europe has not been known for an in particular debtor‐ or restructuring‐friendly insolvency practice, in recent decades, important reforms were implemented that would foster restructurings in Europe. In this article, we comparatively look a the status quo of insolvency and restructuring practice in five different European countries (Denmark, France, Germany, Netherlands, UK). We place our observations into the context of the preventive restructuring directive, to be implemented within the next two years after its publication on 26 June 2019. The directive leaves quite some room implementation, from a watered‐down restructuring tool with high access threshold to a pre‐insolvency debtor‐friendly US‐style restructuring procedure.