Download or read book Implementation of the EU Preventive Restructuring Directive written by Harold Koster and published by . This book was released on 2024-02-26 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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

Download or read book Implementation of the EU Preventive Restructuring Directive written by and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Restructuring and Insolvency in Europe Policy Options in the Implementation of the EU Directive written by Jose M Garrido and published by International Monetary Fund. This book was released on 2021-05-27 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book The European Restructuring Directive written by Gerard McCormack and published by Edward Elgar Publishing. This book was released on 2021-04-30 with total page 319 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book A Dutch Tax Law Perspective on the Implementation of a Preventive Restructuring Framework written by A.C.P. Bobeldijk and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Through the proposed amendment of the EU Directive 2012/30/EU, the European Commission seeks the EU-wide implementation of a Preventive Restructuring Framework. The key objective is reduction of the likelihood of insolvency of generally viable businesses with (temporary) financial difficulties. Parallel to the Commission's efforts, the Dutch legislator published a detailed draft bill regulating the sanctioning of pre-insolvency composition. In the EU proposal and the Netherlands' draft legislation, relevant tax implications are not addressed. This may cause uncertainty and incentives for parties involved that interfere with the objective of a pre-insolvency composition. This article examines the Dutch tax aspects - for the debtor and involved creditors and shareholders - of common discharge and restructuring solutions in a binding restructuring plan. With every subject, general tax aspects are identified that may be relevant for other jurisdictions as well. It shows that a pre-insolvency composition may have important tax implications and that in some cases creditors and shareholders could even prefer bankruptcy over restructuring. The authors are of the opinion that the Dutch scheme needs further clarification and believe it even requires specific tax regulation. The authors recommend other EU Member States to assess the national tax elements of a binding pre-insolvency composition upon the implementation of the Preventive Restructuring Framework.

Download or read book European Preventive Restructuring written by Christoph G. Paulus and published by . This book was released on 2020-09-30 with total page 500 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book European Preventive Restructuring written by Christoph G Paulus and published by Beck/Hart/Nomos. This book was released on 2021-05-20 with total page 512 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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: - the obligatory making available of early warning systems; - the obligatory creation of an insolvency avoidance mechanism; - the determination of certain insolvency related officers' duties; - the uniformisation of discharge rules among member states; and - measures to increase the national insolvency laws' efficiency In this book a team of European-wide recognised, experienced insolvency law experts, some of whom had been involved in the drafting process of the Directive, analyse the Directive. The authors focus not only on the officials tasked in the national surroundings with drafting the national statutes but also on the wider implications which, one way or the other, will be national law. The commentary, thus, serves also the purposes of practitioners and judges in the field of restructuring.

Download or read book The Priorities Dilemma in the EU Restructuring Directive written by Giulia Ballerini and published by . This book was released on 2020 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: The EU Directive on preventive restructuring frameworks gives the EU Member States ('MSs') the choice between implementing two fairness rules in cross-class cram-down: the US-style absolute priority rule ('APR') or the newly conceived relative priority rule ('RPR'). This Article argues that there is no good reason for the MSs to implement the RPR in domestic law. While the APR effectively protects the rights of the dissenting classes to get what they are entitled for, the RPR increases moral hazard and opportunism. Also, it might make debt investments in the EU unattractive. On top of that, this Article shows that the RPR lacks a clear theoretical justification. One of the main reasons why the RPR was introduced in the Directive alongside the APR is that the RPR was thought to provide a solution to some of the APR problems. This Article considers three of these problems (i.e., the 'valuation problem', the 'holdout problem' and the 'problem of the relevant shareholders') and explains the reasons why the RPR is not an appropriate solution to them. Among these three problems, the most troublesome one from the perspective of the EU is that the APR makes it difficult to award value to equity of SMEs (the 'problem of the relevant shareholders'). This Article argues that using the RPR to deal with this problem would incentivize the shareholders to behave opportunistically and to orchestrate the restructuring. Instead of the RPR, this Article suggests two alternative techniques which MSs can enact to better address the issue: the new value exception 'in kind' and the disposable income method.

Download or read book European Preventive Restructuring written by Reinhard Dammann and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The European Commission s Proposal for a Directive on Preventive Restructuring Proceedings written by Nicolaes Tollenaar and published by . This book was released on 2017 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: On 22 November 2016 the E ...

Download or read book Best Practices in European Restructuring Contractualised Distress Resolution in the Shadow of the Law written by Lorenzo Stanghellini and published by . This book was released on 2018 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: The general trend away from traditional, formal insolvency proceedings opens up a vast area to private ordering, with all the associated opportunities and risks. The transition can be less costly if the resulting uncertainty is reduced to a minimum. This presents national legislators with a delicate challenge. They should not be overly prescriptive and should effectively delegate decision-making to stakeholders and expert professionals, who are likely to be better informed and better incentivised. At the same time, the law must provide for information to flow where needed and for the creation of optimal incentives. Against this background, guidance on best practices can be of great value. It may assist policymaking in one jurisdiction by drawing attention to successes and failures in others, and it may allow professionals, advisors, debtors, creditors and courts to find common ground in the formulation of high-quality distress resolution plans and in distinguishing viable and non-viable distressed debtors. Based on extensive empirical research in four European Union states, this book takes up the challenge of unearthing and crystallising some of the most critical best practices in the various stages of a distress resolution process. Drawing on these best practices, it provides lawmakers with several 'Policy Recommendations', and other key stakeholders with a set of 'Guidelines'. Of particular interest will be development of a relative priority rule (recently recommended by the European Council for incorporation in the draft directive on preventive restructuring); and discussion of the utility of a duty to file versus one to avoid wrongful trading; crisis events and early warning indicators; fairness in plan formulation, voting, examination, and confirmation; class formation and 'cram-down' issues; the goals, contents, and structure of high-quality plans; the role of professional advisors; negotiation best practices; the impact of prudential rules on NPLs on banks' behaviour in corporate workouts; and plan implementation and monitoring. Special attention is given to the particular needs of micro, small, and medium enterprises.

Download or read book Best Practices in European Restructuring written by Lorenzo Stanghellini and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The European Insolvency Regulation and Implementing Legislations written by Gilles Cuniberti and published by Edward Elgar Publishing. This book was released on 2024-05-02 with total page 769 pages. Available in PDF, EPUB and Kindle. Book excerpt: This authoritative Commentary provides an in-depth evaluation of the legislation regulating cross-border insolvency within the European Union. Bringing together a diverse team of legal scholars and practitioners from across the EU Member States, it delivers incisive dissections of the European Insolvency Regulation (EIR) provisions, which define the jurisdiction of the courts of EU Member States in insolvency proceedings as well as the national law that should be applied, and provide for the automatic recognition of other Member State’s judgements along with a regime of coordination between proceedings opened in different Member States.

Download or read book Pre insolvency Proceedings written by Nicolaes Tollenaar and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely new work evaluates the law regarding pre-insolvency proceedings, and in particular, the terms of the 2017 EU Directive. Setting the law in context, the book provides a conceptual framework for ideal practice, illustrating the implications of the new regime with specific practical examples.

Download or read book Corporate Recovery in an Integrated Europe written by Lynch Fannon, Irene and published by Edward Elgar Publishing. This book was released on 2022-05-13 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presenting a comprehensive overview of the changes in policies and economic doctrines of the American economy following the 2008 global financial crisis, this book critically examines the reformation of the corporate landscape. Observing the growth of oligopolistic market tendencies and increased economic concentration, it draws on scholarly literature from economics, management studies and legal theory to provide an integrated perspective on the causes and consequences of the crisis.

Download or read book Corporate Liquidity and Solvency in Europe during COVID 19 The Role of Policies written by Mr.Christian H Ebeke and published by International Monetary Fund. This book was released on 2021-03-02 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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).

Download or read book Improving Healthcare Quality in Europe Characteristics Effectiveness and Implementation of Different Strategies written by OECD and published by OECD Publishing. This book was released on 2019-10-17 with total page 447 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume, developed by the Observatory together with OECD, provides an overall conceptual framework for understanding and applying strategies aimed at improving quality of care. Crucially, it summarizes available evidence on different quality strategies and provides recommendations for their implementation. This book is intended to help policy-makers to understand concepts of quality and to support them to evaluate single strategies and combinations of strategies.