Restructuring and Insolvency in Europe: Policy Options in the Implementation of the EU Directive PDF Download
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Author: Jose M Garrido
Publisher: International Monetary Fund
ISBN: 1513573594
Category : Business & Economics
Languages : en
Pages : 53
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Book Description
The Directive on Restructuring and Insolvency sets minimum standards for restructuring and certain insolvency matters, but its harmonization effect will be limited given multiple options for implementation, likely leading to divergent restructuring models in Europe. These options reveal different policy approaches to the regulation of restructuring and insolvency. The analysis in this paper aims to illustrate the breadth of the policy choices and their consequences for restructuring activity. States should carefully design restructuring procedures to avoid the negative economic effects of certain options that could undermine creditors’ rights or result in unpredictable outcomes, particularly in cross-border cases.
Author: Jose M Garrido
Publisher: International Monetary Fund
ISBN: 1513573594
Category : Business & Economics
Languages : en
Pages : 53
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Book Description
The Directive on Restructuring and Insolvency sets minimum standards for restructuring and certain insolvency matters, but its harmonization effect will be limited given multiple options for implementation, likely leading to divergent restructuring models in Europe. These options reveal different policy approaches to the regulation of restructuring and insolvency. The analysis in this paper aims to illustrate the breadth of the policy choices and their consequences for restructuring activity. States should carefully design restructuring procedures to avoid the negative economic effects of certain options that could undermine creditors’ rights or result in unpredictable outcomes, particularly in cross-border cases.
Author: Gerard McCormack
Publisher: Edward Elgar Publishing
ISBN: 1789908817
Category : Law
Languages : en
Pages : 319
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Book Description
This comprehensive book provides a clear analysis of the European Restructuring Directive, which aims to improve national frameworks governing business restructuring and insolvency as well as to provide debt relief for individuals. Gerard McCormack explores the key aspects of the Directive including the moratorium on litigation and enforcement claims against the financially-troubled business, the provision for new financing, the division of creditors into classes, the introduction of a restructuring plan and the rules for approval of the plan by a court or administrative authority.
Author: Harold Koster
Publisher:
ISBN: 9789047301868
Category : Law
Languages : en
Pages : 0
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Book Description
In 2019, the European Parliament and the Council adopted the Preventive Restructuring Directive (2019/1023), providing for minimum harmonisation of, among others, preventive restructuring frameworks (PRF). This book provides in-depth analyses of its implementation in seven European countries: Austria, Denmark, France, Germany, Greece, The Netherlands, and the United Kingdom. Whereas Member States of the European Union were under a duty to complete implementation by July 2022, the United Kingdom took inspiration from it when voluntarily introducing reforms to its restructuring regime. This book covers detailed analyses of the new or reformed PRFs across Europe, including the objective and scope of a PRF, the criteria/test to enter a PRF, the involved actors, the possibilities for a stay, the plan, the possibilities for a debt-for-equity swap, the effects of a PRF on executory contracts and jurisdiction and recognition of court decisions taken during a PRF. Drawing on the domestic implementations, the book also presents a comparative study evaluating the different policy options implemented by domestic legislators. This book functions as an insightful source for practitioners, academics and policy makers. This book series is published under the aegis of the Leiden Business and Law Research Network (BLRN). This research and expertise network conducts research on the various aspects of doing business in the context of company and insolvency law. BLRN pays particular focus on topics such as corporate governance, corporate sustainability, mergers and acquisitions, and restructuring and insolvency. www.universiteitleiden.nl/blrn
Author: Christoph G. Paulus
Publisher:
ISBN: 9783848769551
Category :
Languages : en
Pages :
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Book Description
Author: Mr.Shekhar Aiyar
Publisher: International Monetary Fund
ISBN: 1513511653
Category : Business & Economics
Languages : en
Pages : 79
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Book Description
Europe’s banking system is weighed down by high levels of non-performing loans (NPLs), which are holding down credit growth and economic activity. This discussion note uses a new survey of European country authorities and banks to examine the structural obstacles that discourage banks from addressing their problem loans. A three pillared strategy is advocated to remedy the situation, comprising: (i) tightened supervisory policies, (ii) insolvency reforms, and (iii) the development of distressed debt markets.
Author: W. W. McBryde
Publisher:
ISBN: 9789041123916
Category : Law
Languages : en
Pages : 686
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Book Description
In the past decades, many Member States of the European Union have introduced important new legislation in the field of insolvency law. Principles of European Insolvency Law tries to capture the common elements that national insolvency laws share and that make up the essence of insolvency proceedings in Europe. It makes a first, and, so far, unique attempt, to tackle an area of law which is of great commercial importance, but in which some might have thought it was too difficult to detect a European approach. Principles of European Insolvency Law looks to a future of more European integration in areas of commercial law and practice. They may serve as working material for further study, which could result in proposals for legislation on a supranational level. In the shorter term, the Principles will be of use in efforts to modernise national insolvency laws by serving as a 'European framework'. Taking account of the Principles in drafting reform proposals can lead to a greater conformity of new national legislation with the essence of European insolvency law.
Author: Mr.Christian H Ebeke
Publisher: International Monetary Fund
ISBN: 1513570919
Category : Business & Economics
Languages : en
Pages : 48
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Book Description
The spread of COVID-19, containment measures, and general uncertainty led to a sharp reduction in activity in the first half of 2020. Europe was hit particularly hard—the economic contraction in 2020 is estimated to have been among the largest in the world—with potentially severe repercussions on its nonfinancial corporations. A wave of corporate bankruptcies would generate mass unemployment, and a loss of productive capacity and firm-specific human capital. With many SMEs in Europe relying primarily on the banking sector for external finance, stress in the corporate sector could easily translate into pressures in the banking system (Aiyar et al., forthcoming).
Author: International Monetary Fund. Monetary and Capital Markets Department
Publisher: International Monetary Fund
ISBN: 1498336051
Category : Business & Economics
Languages : en
Pages : 77
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Book Description
This study provides an overview of the legal, institutional, and regulatory framework that countries should put in place to address cases of bank insolvency. It is primarily intended to inform the work of the staffs of the International Monetary Fund (IMF) and World Bank, and to provide guidance to their member countries.
Author: Lorenzo Stanghellini
Publisher:
ISBN: 9788813370961
Category : Law
Languages : en
Pages :
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Book Description
Author: José Garrido
Publisher: International Monetary Fund
ISBN: 1484396227
Category : Business & Economics
Languages : en
Pages : 44
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Book Description
To date, the use of empirical data in insolvency law analysis has been sporadic. This paper provides a conceptual framework for the use of data to assess the effectiveness and efficiency of insolvency systems. The paper analyzes the existing sources of data on insolvency proceedings, including general insolvency statistics, judicial statistics, statistics of insolvency regulators and other sources, and advocates for the design of special data collection mechanisms and statistics to conduct detailed assessments of insolvency systems and to assist in the design of legal reforms.