Corporate Recovery in an Integrated Europe. Harmonisation, Coordination, and Judicial Cooperation
Exploring the considerable qualitative research conducted by the Judicial Cooperation in Economic Recovery (JCOERE) Project, this book provides a rich analysis of the questions surrounding the contrasting legal traditions and cultures within the European framework.
Building on existing research, this book analyses the EU Directive (2019) harmonising ‘preventive restructuring’ law in a number of member states of the EU. Embodying a modern approach to business failure involving radical concepts, it examines the imposition of a stay or moratorium, the process of agreeing a compromise of existing debt through cram-down and final approval, and ultimately financing the rescued business into the future. These concepts are considered in addition to the obligations imposed on courts through EU Regulation (2015) to cooperate in cross-border litigation in insolvency generally. Chapters also provide a critical analysis of legal texts and commentary, studying the development of the Preventive Restructuring Directive (PRD) and domestic preventive restructuring processes.
Critically considering the legal initiatives affecting business rescue within a broader EU legal context, this book will be an insightful read for EU policy-makers and insolvency lawyers and practitioners. Academics and researchers with an interest in European law and EU integration will also benefit from this comprehensive book.
Foreword
PART I INTRODUCTION TO CORPORATE RECOVERY IN AN INTEGRATED EUROPE: HARMONISATION, COORDINATION AND JUDICIAL COOPERATION
1. Introduction: business failure and economic recovery in the European Union
2. The EU approach to business failure and rescue: the conceptual framework
PART II COORDINATING CROSS-BORDER INSOLVENCY AND RESTRUCTURING PROCESSES IN THE EU
3. The European Insolvency Regulation: from inception to legislation
4. Cross-border insolvency coordination recognition, and cooperation
5. The European Insolvency Regulation (Recast): the obligation to cooperate, rescue and the Preventive Restructuring Directive
PART III FROM FORMAL LIQUIDATION TO RESCUE AND RESTRUCTURING
6. The development of rescue and restructuring in the EU
7. The Preventive Restructuring Directive
8. Key preventive restructuring provisions: context, commentary, and conflict
PART IV CHALLENGES TO CROSS-BORDER JUDICIAL COOPERATION, COORDINATION OF COURT PROCESSES AND REAL INTEGRATION AND HARMONISATION
9. Legal and judicial culture: challenges to cross-border cooperation
10. Procedural obstacles to cooperation in cross-border restructuring cases
11. Judicial experience and reality of court-to-court cooperation in the EU
12. Conclusion
Index
Irene Lynch Fannon, Professor, School of Law, University College Cork and currently Head of Knowledge Management, Matheson, Ireland,
Jennifer L.L. Gant, Lecturer in Law, University of Derby School of Law
Aoife Finnerty, Senior Research Associate, University of Bristol, UK
