Implementation of the EU Preventive Restructuring Directive

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 debtfor-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.