Toward a European Business Rescue Culture

Jan Adriaanse & Jean-Piere van der Rest (eds.), Turnaround Management and Bankruptcy: A Research Companion (Routledge Advances in Management and Business Studies), Routledge, 2017, p. 238-258.

34 Pages Posted: 15 Jun 2019

See all articles by Gert-Jan Boon

Gert-Jan Boon

Leiden University - Leiden Law School

Stephan Madaus

Martin-Luther-University Halle-Wittenberg

Date Written: December 1, 2016

Abstract

Since 2011, the European legislator has taken a new course of action on business failure and insolvency. For a long time, substantive harmonisation was considered unfeasible in the area of insolvency law, however, the developments over the past years have shown that the EU is committed to develop a shared European approach to facilitate the rescue of economically viable but financially distressed businesses. This Chapter discusses the incremental process of harmonisation that has unfolded, the areas in which this harmonization is pursued, and the barriers that the EU faces in achieving a European business rescue culture.

This chapter portrays, in particular, how the European Union has been working to develop a European business rescue culture. Part one of this chapter will elaborate on the efforts of the European Parliament and European Commission to develop a shared perspective on rescuing distressed businesses. Subsequently, part two will discuss the role of current research in this field. The authors discuss a research project of the European Law Institute on ‘Rescue of Business in Insolvency Law’. In part three some observations will be made with regard to the recent developments in the EU, including a discussion on several barriers that need to be overcome to successfully achieve a European business rescue culture.

Keywords: business rescue, preventive restructuring, insolvency, ELI, European Law Institute, capital markets union, harmonisation

JEL Classification: G33; K20; K22; L50

Suggested Citation

Boon, Gert-Jan and Madaus, Stephan, Toward a European Business Rescue Culture (December 1, 2016). Jan Adriaanse & Jean-Piere van der Rest (eds.), Turnaround Management and Bankruptcy: A Research Companion (Routledge Advances in Management and Business Studies), Routledge, 2017, p. 238-258., Available at SSRN: https://ssrn.com/abstract=3397881

Gert-Jan Boon (Contact Author)

Leiden University - Leiden Law School ( email )

P.O. Box 9520
2300 RA Leiden, NL-2300RA
Netherlands

Stephan Madaus

Martin-Luther-University Halle-Wittenberg ( email )

Faculty of Law , Economics and Business
Universitaetsring 2
Halle/Saale, 06108
Germany

HOME PAGE: http://www.jura.uni-halle.de/lehrstuehle_dozenten/madaus/madaus/?lang=en

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