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The EU Preventive Restructuring Framework: in Extra Time?

Gant, Jennifer L.L.; Boon, Gert-Jan; Ehmke, David Christoph; Ghio, Emilie; Langkjaer, Line; Vaccari, Eugenio; Omar, Paul J.

Authors

Jennifer L.L. Gant

Gert-Jan Boon

David Christoph Ehmke

Emilie Ghio

Line Langkjaer

Eugenio Vaccari

Paul J. Omar



Abstract

In 2019, the EU adopted the Preventive Restructuring Directive to introduce harmonisation enabling viable enterprises and entrepreneurs that are in financial difficulties to have access to effective national preventive restructuring frameworks so that they can continue operating. A harmonised standard to deal with distressed debt and allow for early restructurings was seen as a key component for a competitive and integrated European capital market. In this context, the authors came together in a comparative piece entitled ‘Restructuring Europe –The EU Preventive Restructuring Framework: a Hole in One?’ that mapped selected jurisdictions’ (Denmark, France, Germany, the Netherlands and the United Kingdom) preventive restructuring frameworks against the background of the Directive’s objectives and provisions. Eighteen months later and, as the implementation period is coming to an end, this article revisits those findings and offers a comparative update on the implementation process. This article also includes additional perspectives on the impact that recent events, such as the COVID-19 Pandemic, had and are having on the nature and progress of the Member States towards the introduction and improvement of preventive restructuring frameworks.

Journal Article Type Article
Acceptance Date Dec 1, 2021
Online Publication Date Jan 4, 2022
Publication Date Jan 4, 2022
Deposit Date Jul 4, 2022
Journal Jogaszvilag (Journal of Insolvency)
Publisher Wolters Kluwer
Peer Reviewed Peer Reviewed
Volume 1
Issue 2
Keywords comparative law, insolvency, pre-insolvency
Public URL http://researchrepository.napier.ac.uk/Output/2872632
Publisher URL https://jogaszvilag.hu/szakma/the-eu-preventive-restructuring-framework-in-extra-time/