The EU Preventive Restructuring Framework: in Extra Time?

Journal article


Gant, J., Omar, P, Langkjaer, L., Ghio, E., Vaccari, E., Boon, G-J. and Ehmke, D. 2021. The EU Preventive Restructuring Framework: in Extra Time? Fizetésképtelenségi Jog (Insolvency Law, a Hungarian journal). 2-3, pp. 1-11.
AuthorsGant, J., Omar, P, Langkjaer, L., Ghio, E., Vaccari, E., Boon, G-J. and Ehmke, D.
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.

Keywordsrestructuring; insolvency; comparative law; pre-insolvency ; Preventive Restructuring Directive
Year2021
JournalFizetésképtelenségi Jog (Insolvency Law, a Hungarian journal)
Journal citation2-3, pp. 1-11
PublisherWolters Kluwer
Web address (URL)https://jogaszvilag.hu/szakma/the-eu-preventive-restructuring-framework-in-extra-time/
Accepted author manuscript
License
File Access Level
Open
Output statusPublished
Publication dates
Online04 Jan 2022
Publication process dates
Deposited30 Mar 2022
Accepted01 Dec 2021
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