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Part VII Facilitating Cross-Border Investing, 25 Preventive Restructuring Frameworks

Michael Veder, Anne Mennens

From: Capital Markets Union in Europe

Edited By: Danny Busch, Emilios Avgouleas, Guido Ferrarini

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 14 April 2024

Bank resolution and insolvency — Capital markets

On 22 November 2016, the European Commission launched a proposal for a restructuring and insolvency law directive. The Draft Directive marks a further step in the development of a European insolvency framework. The Draft Directive seeks to introduce into the laws of the Member States preventive restructuring frameworks that should enable debtors to restructure at an early stage, thereby avoiding insolvency. It contains provisions that promote a second chance or fresh start for honest entrepreneurs, as well as measures aimed at increasing the efficiency or restructuring, insolvency, and discharge proceedings. This chapter focuses on the preventive restructuring framework contemplated by the Draft Directive. Section 2 addresses the background to the Draft Directive. Section 3 we presents the justification for restructuring plans. Section IV analyzes the Commission's proposals for a preventive restructuring framework in more detail, and Section 5 contains some concluding observations.

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