TY - JOUR
T1 - The European Union preventive restructuring framework: A hole in one?
AU - Ehmke, David Christoph
AU - Gant, Jennifer L.L.
AU - Boon, Gert-Jan
AU - Langkjær, Line Herman
AU - Ghio, Emilie
PY - 2019
Y1 - 2019
N2 - 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.
AB - 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.
U2 - 10.1002/iir.1344
DO - 10.1002/iir.1344
M3 - Journal article
SN - 1180-0518
VL - 28
SP - 184
EP - 209
JO - International Insolvency Review
JF - International Insolvency Review
IS - 2
ER -