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The European Union preventive restructuring framework: A hole in one?
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Date
2019-08-06
Authors
Ehmke, David Christoph
Gant, Jennifer L. L.
Boon, Gert-Jan
Langkjaer, Line
Ghio, Emilie
Journal Title
Journal ISSN
Volume Title
Publisher
John Wiley & Sons, Inc.
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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 at 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.
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Keywords
Insolvency , Debtor , Restructuring , Preventive restructuring directive
Citation
Ehmke, D. C., Gant, J. L. L.; Boon, G.-J., Langkjaer, L. and Ghio, E. (2019) 'The European Union preventive restructuring framework: A hole in one?', International Insolvency Review, 28(2), pp. 184-209. doi: 10.1002/iir.1344
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© 2019, INSOL International and John Wiley & Sons, Ltd. This is the peer reviewed version of the following article: Ehmke, D. C., Gant, J. L. L.; Boon, G.-J., Langkjaer, L. and Ghio, E. (2019) 'The European Union preventive restructuring framework: A hole in one?', International Insolvency Review, 28(2), pp. 184-209, doi: 10.1002/iir.1344, which has been published in final form at https://doi.org/10.1002/iir.1344. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions.