Hardback
The European Restructuring Directive
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.
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Critical Acclaim
Contents
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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.
Key features include:
• a unique contextualisation of the Directive, situating it against the backdrop of earlier European initiatives
• identification of important parallels with the UK scheme of arrangement and the new UK restructuring plan procedure embodied in the Corporate Insolvency and Governance Act 2020
• a comparison of the Directive with Chapter 11 of the US Bankruptcy Code, the United Nations Commission on International Trade Law legislative guide on insolvency, and the World Bank’s Insolvency and Creditor Rights and Doing Business projects.
This important new book provides a detailed and practical analysis of the Directive and the implications for its transposition into national laws, making it an essential work for insolvency lawyers and practitioners, as well as EU policy makers. It will also be critical reading for academics and students of law, particularly those interested in commercial, insolvency, corporate and European law.
Key features include:
• a unique contextualisation of the Directive, situating it against the backdrop of earlier European initiatives
• identification of important parallels with the UK scheme of arrangement and the new UK restructuring plan procedure embodied in the Corporate Insolvency and Governance Act 2020
• a comparison of the Directive with Chapter 11 of the US Bankruptcy Code, the United Nations Commission on International Trade Law legislative guide on insolvency, and the World Bank’s Insolvency and Creditor Rights and Doing Business projects.
This important new book provides a detailed and practical analysis of the Directive and the implications for its transposition into national laws, making it an essential work for insolvency lawyers and practitioners, as well as EU policy makers. It will also be critical reading for academics and students of law, particularly those interested in commercial, insolvency, corporate and European law.
Critical Acclaim
‘The European Restructuring Directive makes a welcome contribution to the ongoing debates among academics, practicing lawyers and policymakers on the preferred and balanced solutions to rescue financially distressed businesses. Its publication could not have been timelier.’
– Ilya Kokorin, Eurofenix
‘In this excellent new book, Gerard McCormack adopts a contextual approach to the European Restructuring Directive, examining its implementation options against the choices which countries have made in the design of real-world restructuring tools. The book is both an invaluable guide to the principal features of the Directive, full of McCormack’s trademark insights, and an invaluable reference on almost every aspect of restructuring law, from theory to the fundamental concepts which determine how a restructuring procedure is constructed.’
– Sarah Paterson, London School of Economics, UK
‘This is an impressive analysis of the terms of and policy behind this EU Directive, which takes effect in July 2021. It is written by the leading academic commentator in the field. McCormack’s understanding of the wider issues shines through as this Directive is subjected to forensic scrutiny. The text is set against the broader regulatory environment in the EU and contains valuable comparative insights. It will be a seminal work on the subject to be read with interest by academics and practitioners from any jurisdiction having an interest in the subject.’
– David Milman, Lancaster University, UK
– Ilya Kokorin, Eurofenix
‘In this excellent new book, Gerard McCormack adopts a contextual approach to the European Restructuring Directive, examining its implementation options against the choices which countries have made in the design of real-world restructuring tools. The book is both an invaluable guide to the principal features of the Directive, full of McCormack’s trademark insights, and an invaluable reference on almost every aspect of restructuring law, from theory to the fundamental concepts which determine how a restructuring procedure is constructed.’
– Sarah Paterson, London School of Economics, UK
‘This is an impressive analysis of the terms of and policy behind this EU Directive, which takes effect in July 2021. It is written by the leading academic commentator in the field. McCormack’s understanding of the wider issues shines through as this Directive is subjected to forensic scrutiny. The text is set against the broader regulatory environment in the EU and contains valuable comparative insights. It will be a seminal work on the subject to be read with interest by academics and practitioners from any jurisdiction having an interest in the subject.’
– David Milman, Lancaster University, UK
Contents
Contents: Preface 1. Introduction 2. Recognition and enforcement of preventive restructuring procedures across Europe 3. Access and control 4. Stays (moratoria) on the enforcement of rights against a debtor 5. New finance and restructuring related transactions 6. Restructuring plans and their confirmation 7. Debt discharge and individual entrepreneurs 8. Improving the efficiency of restructuring, insolvency and debt discharge procedures Index
