The Limits and Logic of the EU Harmonisation Process in the Wake of the COVID-19 Pandemic
Emilie Ghio et al., "The limits and logic of the EU harmonisation process in the wake of the Covid-19 pandemic" (2020) Eurofenix 80.
2 Pages Posted: 10 Sep 2020
Date Written: May 11, 2020
Harmonisation of insolvency laws has been a the top of the EU institutions' agenda for the last decade. This frenzy precipitated in the aftermath of the Global Financial Crisis. European institutions have been prolific in creating a comprehensive EU-wide framework. These efforts culminated with the recast European Insolvency Regulation (2015) and the Preventive Restructuring Directive (2019). The sweeping nature and devastating effects of the Covid-19 pandemic, however, have put both the pre-insolvency craze and harmonisation momentum to a halt. Member States reacted by implementing piece-meal laws to control the economically and financially destructive effects of the pandemic. The Younger Academic Network of Insolvency Law (YANIL) board discusses national responses to the COVID-19 crisis from six European countries - Denmark, France, Germany, Italy, the Netherlands and the United Kingdom - to determine if the logic of harmonisation remains compelling.
Keywords: Insolvency law; restructuring; harmonisation; COVID-19
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