The EU Preventive Restructuring Framework: in Extra Time?

(2021) Fizetésképtelenségi Jog (forthcoming)

11 Pages Posted: 11 Oct 2021

See all articles by Jennifer L. Gant

Jennifer L. Gant

University of Derby - School of Law and Criminology

Gert-Jan Boon

Leiden University - Leiden Law School

David Christoph Ehmke

Independent

Emilie Ghio

University of Edinburgh

Line Langkjaer

Aarhus University – Aarhus BSS, Department of Law

Eugenio Vaccari

University of Essex - School of Law

Paul Omar

De Montfort University - Faculty of Business and Law

Date Written: October 8, 2021

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 a 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.

Keywords: restructuring, insolvency, comparative law, pre-insolvency, Preventive Restructuring Directive

JEL Classification: G3, G34,

Suggested Citation

Gant, Jennifer and Boon, Gert-Jan and Ehmke, David Christoph and Ghio, Emilie and Langkjaer, Line and Vaccari, Eugenio and Omar, Paul, The EU Preventive Restructuring Framework: in Extra Time? (October 8, 2021). (2021) Fizetésképtelenségi Jog (forthcoming), Available at SSRN: https://ssrn.com/abstract=3938867

Jennifer Gant (Contact Author)

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

Kedleston Road
Derby, Derbyshire DE22 1GB
United Kingdom

Gert-Jan Boon

Leiden University - Leiden Law School ( email )

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

David Christoph Ehmke

Independent

Emilie Ghio

University of Edinburgh ( email )

Edinburgh
Great Britain

Line Langkjaer

Aarhus University – Aarhus BSS, Department of Law

Bartholins Allé 16
Aarhus C, 8000
United States

Eugenio Vaccari

University of Essex - School of Law

Colchester, Essex CO43SQ
United Kingdom

Paul Omar

De Montfort University - Faculty of Business and Law ( email )

United Kingdom

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