eu insolvency harmonisation proposals: benefits for member states · 2019-10-28 · linklaters.com...
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EU insolvency harmonisation proposals: benefits for Member States
What will the new rules particularly improve for each member state?
Aus
tria
(1
3)
Bel
gium
(5
)
Bul
gari
a (2
1)
Cro
atia
(2
4)
Cyp
rus
(9)
Cze
ch R
epub
lic (
16
)
Den
mar
k (4
)
Est
onia
(1
9)
Finl
and
(1)
Fran
ce (
14
)
Ger
man
y (2
)
Gre
ece
(23
)
Hun
gary
(2
5)
Irel
and
(10
)
Ital
y (1
5)
Latv
ia (
20
)
Lith
uani
a (2
6)
Luxe
mbo
urg
(27
)
Mal
ta (
28
)
Net
herl
ands
(6
)
Pol
and
(17
)
Por
tuga
l (3
)
Rom
ania
(2
2)
Slo
vaki
a (1
8)
Slo
veni
a (7
)
Spa
in (
11
)
Sw
eden
(1
2)
UK
(8
)
Debtor access to early warning tools ü ü ü ü ü ü ü ü ü
New early restructuring proceedings ü
Allowing debtor to remain in possession ü ü ü ü ü
Reducing court and IP involvement ü ü ü ü ü ü ü
Easier access to early restructuring tools ü ü ü ü ü
New or reduced breathing space (4 – max. 12 months) ü ü ü ü ü ü ü ü ü ü ü
Facilitating financial creditor only restructurings ü ü ü
Ensuring cram-down of dissenting creditor/ shareholder classes
ü ü ü ü ü ü ü ü ü ü ü
Separating creditors into classes (as a minimum, secured and unsecured)
ü ü ü ü ü ü ü ü
DIP finance protectionü ü ü ü ü ü ü ü ü ü ü ü ü
Efficient and improved court proceedings, specialised judges, use of technology
ü ü ü ü ü ü ü ü ü ü ü ü ü
3-year max. discharge period ü ü ü ü ü ü ü ü ü ü ü ü ü ü
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831
6A_F
/11.
16
November 2016
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