Corporate Rescue in Europe

For many years, the functioning of the single European market has made it easy for companies to establish themselves and do business throughout the European Union¿unless, that is, they failed. In that case, until recently, a company became subject to the insolvency laws of each individual country. The divergence among these laws seemed far beyond the possibility of harmonisation.

<p class=copymedium>During the last few years, however, a twofold development is bringing relief. First, thanks to the European Regulation on Insolvency and the UNCITRAL Model Insolvency Laws, jurisdictional issues can be resolved and determined in cases where more than one country is affected by the insolvency of a particular enterprise. Second¿and far more promising¿stated EU policy goals urging a convergence in thinking on substantive insolvency issues at the Member State level are bearing fruit in reforms that abandon extreme or unusual features and open more common ground. Spearheading these reforms are statutory corporate insolvency procedures that offer an alternative to liquidation¿procedures grouped under the heading of corporate rescue.

<p class=copymedium>In this book eleven outstanding European insolvency law specialists, representing both practitioners and academics, investigate significant changes in corporate rescue laws that have either already been implemented or that are on the law reform agenda. The essays include expert analyses and evaluations of corporate rescue laws in each of six EU Member States¿France, Germany, Italy, Spain, Sweden, and the United Kingdom¿as well as insightful discussions of the broader European context.

<p class=copymedium>Because corporate rescue is the lifeblood of insolvency law, it is likely to be this aspect that has the greatest role to play in the economic and social development of the European Union. For this reason¿and because of the obvious beneficial value of corporate rescue in ensuring fair treatment of creditors and protection of debtors, as well as in reducing the level of stigma attached to insolvency¿Corporate Rescue in Europe will be valued by company lawyers and law firms throughout Europe, and in particular to those handling bankruptcy and insolvency proceedings.