Harmonising Insolvency Law in the EU: New Thoughts on Old Ideas in the Wake of the COVID-19 Pandemic

Journal article


Gant, J., Ghio, E., Vaccari, E., Ehmke, D., Langkjaer, L. and Boon, G.J. 2021. Harmonising Insolvency Law in the EU: New Thoughts on Old Ideas in the Wake of the COVID-19 Pandemic. International Insolvency Review . 30 (3), pp. 427-459. https://doi.org/10.1002/iir.1432
AuthorsGant, J., Ghio, E., Vaccari, E., Ehmke, D., Langkjaer, L. and Boon, G.J.
Abstract

The COVID-19 crisis, which hit the world with full force in 2020, represents one of the greatest health and economic crises in recent history. The pandemic paralysed the world economy, forcing many countries around the globe to take emergency measures. Countries’ emergency responses to the crisis uncovered a tension between the continuous phenomenon of global economic interdependence and the tendency for nation-state governance during the crisis. Although this dichotomy was quite acute in the European Union (EU) at the onset of the pandemic – reflected overall by Member States’ preferences for national solutions over common multilateral solutions – governments eventually converged towards similar responses to the spread of the virus. These responses to the crisis included partial or total isolation of populations, travel bans, and the temporary closure of non-essential businesses. This so-called phenomenon of ‘copycat coronavirus policies’ was the result of regulatory emulation, which occurred spontaneously, with limited direct impetus from the EU. Our paper investigates whether insolvency and restructuring laws, policies, and measures followed a similar pattern. The study focuses on six selected European countries: Denmark, France, Germany, Italy, the Netherlands and the United Kingdom (UK). From a methodological perspective, our contribution relies on a case study approach. Building on the findings of this case study, our paper, then, draws more general conclusions on the process of harmonisation across the EU.

Keywordsharmonisation; corporate rescue; younger academics; EU Law
Year2021
JournalInternational Insolvency Review
Journal citation30 (3), pp. 427-459
PublisherJohn Wiley & Sons Ltd
ISSN1099-1107
Digital Object Identifier (DOI)https://doi.org/10.1002/iir.1432
Web address (URL)https://onlinelibrary.wiley.com/doi/10.1002/iir.1432
Accepted author manuscript
License
File Access Level
Open
Output statusPublished
Publication dates
Online15 Sep 2021
Publication process dates
Accepted30 Jul 2021
Deposited30 Mar 2022
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