Restructuring Europe – The EU Preventive Restructuring Framework: a hole in one?

Journal article


Gant, J., Ehmke, D., Ghio, E., Langkjaer, L. and Boon, G-J. 2019. Restructuring Europe – The EU Preventive Restructuring Framework: a hole in one? International Insolvency Review. 28 (2), pp. 184-209. https://doi.org/10.1002/iir.1344
AuthorsGant, J., Ehmke, D., Ghio, E., Langkjaer, L. and Boon, G-J.
Abstract

While traditionally (Continental) Europe has not been known for an in particular debtor‐ or restructuring‐friendly insolvency practice, in recent decades, important reforms were implemented that would foster restructurings in Europe. In this article, we comparatively look a the status quo of insolvency and restructuring practice in five different European countries (Denmark, France, Germany, Netherlands, UK). We place our observations into the context of the preventive restructuring directive, to be implemented within the next two years after its publication on 26 June 2019. The directive leaves quite some room implementation, from a watered‐down restructuring tool with high access threshold to a pre‐insolvency debtor‐friendly US‐style restructuring procedure.

Keywordspreventive restructuring; insolvency; corporate rescue
Year2019
JournalInternational Insolvency Review
Journal citation28 (2), pp. 184-209
PublisherJohn Wiley & Sons Ltd
ISSN1099-1107
Digital Object Identifier (DOI)https://doi.org/10.1002/iir.1344
Web address (URL)https://onlinelibrary.wiley.com/doi/10.1002/iir.1344
Accepted author manuscript
File Access Level
Open
Output statusPublished
Publication dates
Online06 Aug 2019
Publication process dates
Accepted08 Jul 2019
Deposited22 Apr 2022
Permalink -

https://repository.derby.ac.uk/item/96447/restructuring-europe-the-eu-preventive-restructuring-framework-a-hole-in-one

Download files


Accepted author manuscript
  • 36
    total views
  • 24
    total downloads
  • 0
    views this month
  • 3
    downloads this month

Export as

Related outputs

Resisting Legal Convergence
Gant, J. 2024. Resisting Legal Convergence. in: Ghio, E. and Perlingeiro, R. (ed.) Are Legal Systems Converging or Diverging? Lessons from Contemporary Crises New York Springer. pp. 45-60
Pre Packs, Employees and the Spirit of EU Law
Gant, J. Pre Packs, Employees and the Spirit of EU Law. INSOL Europe.
Vulnerability theory and insolvency law
Gant, J. 2023. Vulnerability theory and insolvency law. in: Ghio, E., Wood, J. and Gant, J. (ed.) Re-examining Insolvency Law and Theory Perspectives for the 21st Century Cheltenham Edward Elgar Publishing. pp. 166–188
Corporate Recovery in an Integrated Europe
Lynch Fannon, I., Gant, J. and Finnerty, A. 2022. Corporate Recovery in an Integrated Europe. Cheltenham and Camberley Edward Elgar Publishing.
Floating Charges and Moral Hazard: Searching for Fairness for Involuntary and Vulnerable Stakeholders
Gant, J. 2022. Floating Charges and Moral Hazard: Searching for Fairness for Involuntary and Vulnerable Stakeholders. in: Hardman, J and MacPherson, A. (ed.) Floating Charges in Scotland: New Perspectives and Current Issues Edinburgh Edinburgh University Press. pp. 228 - 270
Optimising fairness in insolvency and restructuring: A spotlight on vulnerable stakeholders
Gant, J. 2022. Optimising fairness in insolvency and restructuring: A spotlight on vulnerable stakeholders. International Insolvency Review. 31 (1), pp. 1-5. https://doi.org/10.1002/iir.1448
Harmonising Insolvency Law in the EU: New Thoughts on Old Ideas in the Wake of the COVID-19 Pandemic
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
Employees as stakeholders in restructuring and insolvency: acquired rights and business transfers
Gant, J. 2021. Employees as stakeholders in restructuring and insolvency: acquired rights and business transfers. in: Gant, J. and Omar, P. (ed.) Research Handbook on Corporate Restructuring United Kingdom Edward Elgar Publishing. pp. 166-184
The Role of Social Policy in Corporate Rescue and Restructuring: a Messy Business
Gant, J. 2021. The Role of Social Policy in Corporate Rescue and Restructuring: a Messy Business. in: Gant, J. and Omar, P. (ed.) Research Handbook on Corporate Restructuring United Kingdom Edward Elgar Publishing. pp. 476-499
Book Review: COVID-19: Exploring the new normal in insolvency by Dr Sameer Sharma and Dr Neeti Shikha (eds)
Gant, J. 2021. Book Review: COVID-19: Exploring the new normal in insolvency by Dr Sameer Sharma and Dr Neeti Shikha (eds). International Insolvency Review. 30 (3), p. 478. https://doi.org/10.1002/iir.1437
The EU Preventive Restructuring Framework: in Extra Time?
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.
Britain and Brexit: A Forecast of the Future of Employment Protection during Corporate Insolvency
Gant, J. 2020. Britain and Brexit: A Forecast of the Future of Employment Protection during Corporate Insolvency. International Insolvency Review. 29 (1), pp. 61-85. https://doi.org/10.1002/iir.1371
Guest Editorial: The Rise of Early Career Insolvency Law Academics and Researchers
Gant, J., Boon, G-J. and Vaccari, E. 2020. Guest Editorial: The Rise of Early Career Insolvency Law Academics and Researchers. International Insolvency Review. 29 (1), pp. 1-5. https://doi.org/10.1002/iir.1363
JCOERE Report 1: Report 1: Identifying substantive rules in preventive restructuring frameworks including the Preventive Restructuring Directive which may be incompatible with judicial cooperation obligations
Gant, J., Lynch Fannon, I. and JCOERE Consortium 2020. JCOERE Report 1: Report 1: Identifying substantive rules in preventive restructuring frameworks including the Preventive Restructuring Directive which may be incompatible with judicial cooperation obligations. European Commission.
The Limits and Logic of the EU Harmonisation Process in the Wake of the Covid-19 Pandemic
Gant, J., Ghio, E., Boon, G-J., Vaccari, E., Ehmke, D. and Langkjaer, L. 2020. The Limits and Logic of the EU Harmonisation Process in the Wake of the Covid-19 Pandemic. Eurofenix. 80, pp. 22-23.
Special Report: Judicial Co-Operation in the European Union: Insolvency and Rescue
Gant, J. and Lynch Fannon, I. 2020. Special Report: Judicial Co-Operation in the European Union: Insolvency and Rescue. Sweet and Maxwell.
JCOERE’s Perspective on European Integration and the Scope of Mutual Trust and Cooperation between Courts: Testing Fairness
Gant, J. and Lynch Fannon, I. 2020. JCOERE’s Perspective on European Integration and the Scope of Mutual Trust and Cooperation between Courts: Testing Fairness. British Association of Comparative Law.
JCOERE – Judicial Cooperation in the European Union: Insolvency and Rescue
Gant, J. and Lynch Fannon, I. 2020. JCOERE – Judicial Cooperation in the European Union: Insolvency and Rescue. INSOL Europe Academic Forum Annual Conference, Copenhagen, Denmark, 25-26 September 2019. INSOL Europe.
JCOERE Judicial Co-operation Supporting Economic Recovery in Europe: Report 2
Gant, J., Lynch Fannon, I and The JCOERE Consortium 2020. JCOERE Judicial Co-operation Supporting Economic Recovery in Europe: Report 2. University College Cork, Ireland European Commission.
Judicial Cooperation in Economic Recovery (JCOERE)
Gant, J. and Lynch Fannon, I. 2019. Judicial Cooperation in Economic Recovery (JCOERE). Eurofenix. 78 (Winter), pp. 28-29.
10 Years of YANIL: Restructuring across Europe and the EU Directive on Restructuring and Insolvency
Gant, J., Boon, G-J., Langkjaer, L., Ehmke, D. and Ghio, E. 2019. 10 Years of YANIL: Restructuring across Europe and the EU Directive on Restructuring and Insolvency. Eurofenix. 76 (Summer), pp. 34-35.
Moral Hazar, Path Dependency, and Failing Franchisors: Mitigating Franchisee Risk through Participation
Gant, J. and Buchan, J. 2019. Moral Hazar, Path Dependency, and Failing Franchisors: Mitigating Franchisee Risk through Participation. Federal Law Review. 47 (2), pp. 261-294. https://doi.org/10.1177/0067205X19831841