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Corporate Recovery in an Integrated Europe

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Corporate Recovery in an Integrated Europe

Harmonisation, Coordination and Judicial Cooperation

9781800887855 Edward Elgar Publishing
Irene Lynch Fannon, School of Law, University College Cork, Ireland, Jennifer L.L. Gant, Lecturer in Law, School of Law and Social Sciences, College of Business, Law and Social Sciences, University of Derby, UK and Aoife Finnerty, School of Law, University of Limerick, Ireland
Publication Date: May 2022 ISBN: 978 1 80088 785 5 Extent: c 384 pp
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.

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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 all 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 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.
Critical Acclaim
‘Procedural coordination and substantive harmonisation in the legal field of corporate restructuring in the European Union are important and urgent concerns at the interface between company and insolvency law. The present work, written by renowned authors, makes a ground-breaking and valuable contribution to this challenging task.’
– Reinhard Bork, Universität Hamburg, Germany

‘A unique, fully referenced and invaluable study of the European Insolvency Regulation (Recast) and the Preventive Restructuring Directive. Sharp focus on corporate rescue and rehabilitation as well as judicial cooperation and legal culture. Contextualises the measures as products of the EU’s policy of differentiated integration in its pursuit of an “ever-closer union”.’
– Gerard McCormack, University of Leeds, UK

‘Following the 2019 Restructuring and Insolvency Directive and the pandemic, many countries in Europe have renovated their insolvency and restructuring laws. Do you want to know whether all the new options will work in a cross-border case? This book provides the answer based on both excellent doctrinal and insightful empirical research. A remarkable read. The project team clearly identifies the key driver for success: cross-border cooperation of the judiciary. Unless judges are open-minded, qualified, trained and experienced enough to handle a cross-border case, stakeholders will continue to lose value in a rather territorial case management.’
– Stephan Madaus, Martin Luther University, Germany
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