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;
-
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.
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:
-
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.
- 36–37 A. Purpose 36–37
- 61–76 B. Definitions 61–76
- 76–78 C. Par. 2 (Paulus) 76–78
- 249–250 A. Purpose 249–250
- 252–252 D. Fresh start, par. 3 252–252
- 253–253 A. Purpose 253–253
- 255–256 A. Purpose of the norm 255–256
- 261–261 A. Purpose of the norm 261–261
- 270–273 Article 24. Consolidation of proceedings regarding professional and personal debts (Richter) 270–273
- 270–271 A. General comments 270–271
- 273–274 A. Purpose of Title IV 273–274
- 274–277 B. Scope of Article 25 274–277
- 279–280 A. Purpose of the norm 279–280
- 281–281 C. Eligibility 281–281
- 282–282 E. Objections 282–282
- 282–283 F. Best Practices 282–283
- 283–283 A. Purpose of the norm 283–283
- 283–284 B. Supervision 283–284
- 284–285 C. Codes of conduct 284–285
- 285–285 D. Remuneration 285–285
- 288–293 Title V: Monitoring of Procedures Concerning Restructuring, Insolvency and Discharge of Debt 288–293
- 288–289 A. General comments 288–289
- 297–298 Article 36 297–298
- 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).