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European Insolvency Law

Reform and Harmonization Gerard McCormack, Professor of International Business Law, University of Leeds, Andrew Keay, Professor of Corporate and Commercial Law, Centre for Business Law and Practice, School of Law, University of Leeds, UK and Professorial Research Fellow, Deakin University, Melbourne, Australia and Sarah Brown, Associate Professor, Centre for Business Law and Practice, School of Law, University of Leeds, UK
Critically analysing the substantive law of insolvency in the EU countries as a whole, this book carries out horizontal cross-cutting analysis of the data gathered from a study of national insolvency laws. It selects particular areas for detailed discussion and considers the pros and cons of particular legislative solutions.
Extent: 512 pp
Hardback Price: $150.00 Web: $135.00
Publication Date: 2017
ISBN: 978 1 78643 330 5
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  • Law - Academic
  • Commercial Law
  • European Law
  • Finance and Banking Law
Critically analysing the substantive law of insolvency in the EU countries as a whole, this book carries out horizontal cross-cutting analysis of the data gathered from a study of national insolvency laws. It selects particular areas for detailed discussion and considers the pros and cons of particular legislative solutions.

Using the US and Norway as comparator countries, the expert authors identify areas where disparities in national laws produce problems that have impacts outside national boundaries. They analyse these against key policy goals including: improving economic performance throughout the EU; promoting a more competitive business environment; efficient asset allocation; and building more stable and sustainable human capital in terms of support for entrepreneurs and responses to consumer over-indebtedness. The book also considers possible reform and harmonization measures situated against the wider contextual background of the Capital Markets Union and the Europe 2020 agenda of promoting jobs and growth.

Discerning and practical, European Insolvency Law will appeal to academics in both insolvency and finance as well as insolvency practitioners and lawyers. Its reform suggestions will be of interest to EU Member States’ government departments, while also providing a useful reference for consumer associations and debt charities.

‘This is an important and timely document which will serve as a highly valuable resource and reference point for many types of user in the years to come. The comprehensive coverage of the insolvency laws of all current Member States of the EU, plus the two comparator jurisdictions, on the key topics selected for analysis provides the most complete picture of the current state of law and practice to have been compiled. The involvement of national experts from all the jurisdictions surveyed ensures that this study is both authoritative and reliable, as well as being commendably up-to-date (to the closing weeks of 2015). The numerous comparative tables, giving accessible insight into the workings of so many diverse jurisdictions “at a glance”, backed up by detailed textual analysis and comment, combine to deliver a vital reference tool for policy reformers and legislators, as well as for scholars and researchers exploring the areas of business failure and insolvency, and consumer over-indebtedness, in an increasingly globalized and inter-connected world.’
– Ian Fletcher, University College London, UK

‘The European Union strives for harmonization of national insolvency laws. This task requires a solid foundation of meticulously collected and evaluated facts on the insolvency laws of the Member States. Convincingly designed and knowledgeably drafted, the present book offers comprehensive and detailed information on important fields of insolvency law, drawn from a comparison of national regulations. The volume is a treasure chest for all lawyers and politicians who work on the comparison and harmonization of European Insolvency Laws.’
– Reinhard Bork, University of Hamburg, Germany

‘This very topical and focused study, delivered by a top-notch academic team, responds to the topics that are right at the heart of the European Commission policy to harmonize certain preventive restructuring measures throughout the EU. This purpose-designed study provides essential elements towards the development of practical and workable solutions and will provide insight for legislators, insolvency law scholars, comparatists and practitioners, stimulating debate in Europe and beyond.’
– Bob Wessels, University of Leiden, the Netherlands

' This very interesting book summarizes the results of an extensive comparative research conducted by the authors on behalf of the European Commission. . . Overall, this book is an extremely relevant step towards a mutual understanding of insolvency regimes throughout the EU. At the same time, it also provides for a critical analysis of the most significant issues in light of further harmonization of substantive rules. '
– Common Market Law Review

Contents: 1. Directors’ Liability and Disqualification 2. Insolvency Practitioners (Administrators, Liquidators, Supervisors, Mediators etc.) 3. Ranking of Claims and Order of Priorities 4. Avoidance and Adjustment Actions 5. Procedural Issues Relating to Formal Insolvency Proceedings 6. Commission Recommendation on a New Approach to Business Failure and Insolvency 7. Second Chance for Entrepreneurs 8. Consumer Over-indebtedness
Bibliography Index