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.
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