JCOERE - Judicial Co-Operation in the European Union: Insolvency and Rescue

Chapter 9 in Jennifer L. L. Gant (ed), Harmonisation of Insolvency and Restructuring Laws in the EU (INSOL Europe 2020) 107-119

13 Pages Posted: 1 Jun 2021

See all articles by Irene Lynch Fannon

Irene Lynch Fannon

University College Cork - School of Law

Jennifer L. Gant

University of Derby - School of Law and Criminology; University College Cork School of Law

Date Written: September 20, 2020

Abstract

This Chapter will begin with a snapshot of the JCOERE Project teasing out some implications connected to the Preventive Restructuring Directive and the cooperation obligations under the EIR Recast against the backdrop of emerging European debates. It will go on to consider how the PRD reflects a range of preventive restructuring processes that already exist in the EU with a particular focus on the Irish Examinership process. When one considers the interface between the PRD and the co-operation obligations in the EIR Recast it should be noted that not all of these processes will be covered by the EIR Recast. In Ireland, for example, there is one process that is specifically included in Annexe A of the EIR Recast (Examinership) and one that is not (Schemes of Arrangement),7 which is modelled exactly on the UK scheme of arrangement8 and which has been part of Irish law since at least 1948). The Chapter will continue with a focus on the Irish Examinership process and consider the substantive rules which are part of a robust restructuring framework in light of the 30 years of experience with Examinership in the Irish courts. It will consider these rules in light of significant cases by the Irish courts and this discussion will add to the theoretical debate currently being conducted in Member States regarding implementation of the PRD.

Keywords: judicial cooperation; judicial culture; legal culture; preventive restructuring; corporate rescue; insolvency law; comparative law; Preventive Restructuring Directive; rescue culture

JEL Classification: G3, K4

Suggested Citation

Lynch Fannon, Irene and Gant, Jennifer, JCOERE - Judicial Co-Operation in the European Union: Insolvency and Rescue (September 20, 2020). Chapter 9 in Jennifer L. L. Gant (ed), Harmonisation of Insolvency and Restructuring Laws in the EU (INSOL Europe 2020) 107-119, Available at SSRN: https://ssrn.com/abstract=3855397

Irene Lynch Fannon

University College Cork - School of Law ( email )

College Road
Cork, Cork T12 CC79
Ireland

HOME PAGE: http://research.ucc.ie/profiles/B012/ilynchfannon

Jennifer Gant (Contact Author)

University of Derby - School of Law and Criminology ( email )

Kedleston Road
Derby, Derbyshire DE22 1GB
United Kingdom

University College Cork School of Law ( email )

College Road
Cork, County Cork
Ireland
07787377158 (Phone)

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