European Preventive Restructuring
Directive (EU) 2019/1023
Zusammenfassung
Paulus
European Preventive Restructuring
The European Directive (Directive (EU) 2019/1023 of the European Parliament and of the Council of 20 June 2020 on preventive restructuring frameworks, on discharge of debts and disqualification, and on measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt) has to be transposed into national legislation by 26 June 2021.
The main features of the Directive are:
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the obligatory making available of early warning systems;
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the obligatory creation of an insolvency avoidance mechanism;
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the determination of certain insolvency related officers’ duties;
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the uniformisation of discharge rules among member states; and
measures to increase the national insolvency laws’ efficiency.
Abstract
Paulus
European Preventive Restructuring
The European Directive (Directive (EU) 2019/1023 of the European Parliament and of the Council of 20 June 2020 on preventive restructuring frameworks, on discharge of debts and disqualification, and on measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt) has to be transposed into national legislation by 26 June 2021.
The main features of the Directive are:
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the obligatory making available of early warning systems;
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the obligatory creation of an insolvency avoidance mechanism;
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the determination of certain insolvency related officers’ duties;
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the uniformisation of discharge rules among member states; and
measures to increase the national insolvency laws’ efficiency.
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- Selected Bibliography
- Borg/van Zwieten (eds.) Commentary on the European Insolvency Regulation, 2016.
- Brinkmann (ed.), The European Insolvency Regulation, 2019.
- Lynch Fannon I and Murphy G, Corporate Insolvency and Rescue, 2nd edn. Bloomsbury 2012.
- Morgen C, Präventive Restrukturierung – Kommentar und Handbuch zur Richtlinie über präventive Restrukturierungsrahmen, 2019.
- Richter T and Thery A, Claims, Classes, Voting, Confirmation and the Cross-Class Cram-Down, INSOL Europe Guidance Note on the Implementation of Preventive Restructuring Frameworks under EU Directive 2019/1023, INSOL Europe 2020; available at: https://www.insol-europe.org/publications/guidance-notes (cited: Richter/Thery).
- Rotaru, The Restructuring Directive: A Functional Law and Economics Analysis from a French Law Perspective, Droit et Croissance, 2019.
- Stanghellini/Mokal/Paulus/Tirado, Best Practices in European Restructuring – Contractualised Distress Resolution in the Shadow of the Law, Wolters Kluwer – CEDAM, 2018 (cited: Stanghellini/Mokal/Paulus/Tirado, European Best Practices).
- Tollenaar N, Pre-insolvency Proceedings, A Normative Foundation and Framework, Oxford University Press 2019 (cited: Tollenaar, Pre-insolvency Proceedings).
