A class apart: The relevance of the EU Preventive Restructuring Directive for small and medium enterprises

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dc.contributor.authorMcCarthy, Jonathan
dc.date.accessioned2020-08-17T09:51:35Z
dc.date.available2020-08-17T09:51:35Z
dc.date.issued2020-06-22
dc.description.abstractThis article critically evaluates the significance of the recent EU Preventive Restructuring Directive for small- and medium-sized enterprises (SMEs). Considering the prevalence of SMEs across European economies, it stands to reason that the policy objectives of the Directive were grounded in facilitating the accessibility of restructuring and rescue procedures for such enterprises. However, there is a risk that the very distinct considerations involved in SME restructuring cases could be disregarded by the approach espoused within the Directive. The article proceeds to set out the procedural aspects of the Directive in respect of their putative suitability for the needs of SMEs. Class formation, confirmation of restructuring plans and creditor cram-downs are given particular attention since the Directive expressly includes safeguards for SMEs within these features of the Directive. The article assesses whether the preventive restructuring procedures envisaged by the Directive can truly offer a paradigm for SME restructuring. Even though the Directive accords flexibility to EU Member States as to transposition of these measures into national law, are there more specialised steps which ought to be taken when efficiently addressing the restructuring needs of SMEs?en
dc.description.statusPeer revieweden
dc.description.versionAccepted Versionen
dc.format.mimetypeapplication/pdfen
dc.identifier.citationMcCarthy, J. (2020) 'A class apart: The relevance of the EU Preventive Restructuring Directive for small and medium enterprises', European Business Organization Law Review. doi: 10.1007/s40804-020-00192-xen
dc.identifier.doi10.1007/s40804-020-00192-xen
dc.identifier.eissn1741-6205
dc.identifier.issn1566-7529
dc.identifier.journaltitleEuropean Business Organization Law Reviewen
dc.identifier.urihttps://hdl.handle.net/10468/10401
dc.language.isoenen
dc.publisherSpringer Nature Switzerland AGen
dc.rights© 2020, T.M.C. Asser Press. Published by Springer Nature Switzerland AG. This is a post-peer-review, pre-copyedit version of an article published in European Business Organization Law Review. The final authenticated version is available online at: http://dx.doi.org/10.1007/s40804-020-00192-xen
dc.subjectSMEsen
dc.subjectRestructuringen
dc.subjectInsolvencyen
dc.subjectRescueen
dc.subjectCompany lawen
dc.subjectEconomicsen
dc.titleA class apart: The relevance of the EU Preventive Restructuring Directive for small and medium enterprisesen
dc.typeArticle (peer-reviewed)en
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