An EU Preventive Restructuring Framework: A Hole in One?

D. Ehmke et al., "An EU Preventive Restructuring Framework: a hole in one?" (2019) 28 International Insolvency Review 184.

25 Pages Posted: 4 Jan 2021

See all articles by Gert-Jan Boon

Gert-Jan Boon

Leiden University - Leiden Law School

Emilie Ghio

University of Edinburgh

Date Written: August 5, 2019

Abstract

While traditionally (continental) Europe has not been known for a particularly 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 at the status quo of insolvency and restructuring practices in five different European countries (Denmark; France; Germany; the Netherlands; and the United Kingdom). We place our observations into the context of the EU Preventive Restructuring Directive 2019. The Directive leaves ample room for implementation by Member States, from a watered-down restructuring tool with high access threshold to a pre-insolvency, debtor-friendly US-style restructuring procedure.

Keywords: International Insolvency Law; Directive Preventive Restructuring; Harmonization; Restructuring; Comparative Law

Suggested Citation

Boon, Gert-Jan and Ghio, Emilie, An EU Preventive Restructuring Framework: A Hole in One? (August 5, 2019). D. Ehmke et al., "An EU Preventive Restructuring Framework: a hole in one?" (2019) 28 International Insolvency Review 184. , Available at SSRN: https://ssrn.com/abstract=3689002 or http://dx.doi.org/10.2139/ssrn.3689002

Gert-Jan Boon

Leiden University - Leiden Law School ( email )

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

Emilie Ghio (Contact Author)

University of Edinburgh ( email )

Edinburgh
Great Britain

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