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BEST PRACTICES IN EUROPEAN RESTRUCTURING - Contractualised Distress Resolution in the Light of the Draft Directive on Preventive Restructuring (Com(2016) 723 Final)

Economic, Financial, and Banking Affairs
Date: Thursday, 05 July 2018 08:30 - 16:30

Venue: CEPS - Centre for European Policy Studies  |  City: Brussel

The proposed Directive on preventive restructuring, some variant of which looks set shortly to be implemented, seeks to facilitate out-of-court agreements between distressed businesses and their creditors. States that have traditionally relied on formal insolvency procedures will have to enable parties to enter into contractual and quasi-contractual agreements with very limited court involvement.

This move away from formal insolvency proceedings would open up a vast area to private ordering, with all the associated opportunities and risks. Businesses and their advisors will have access to new devices to deal with distress and insolvency intended to enable faster and more effective restructuring. At the same time, the reduction in court involvement and other formalities would likely create new risks for participants and third parties, and perhaps, even for the economic system as a whole.

The introduction of this new framework, like that of any other, would probably be marked by significant uncertainty for all actors, with the usual resulting costs of additional advice, new drafting, higher risk premia, and foregone opportunities.

Reducing uncertainty in this ‘light touch’ area of insolvency law is paramount. Guidance on best practices can serve to fill this newly opened space in an adaptive and flexible manner.

The research, based on a sound conceptual framework and supported by broad and deep empirical evidence from four EU jurisdictions, takes up the challenge and spells best practices aimed at promoting an effective and efficient use of the devices designed by the draft Directive. The research is also drawn upon to provide policy recommendations towards strengthening of the draft Directive, possible measures to be taken by national legislators, and the conduct of important actors such as institutional lenders.

* * *

The conference will feature speakers from the public and private sectors, including officials of the European Commission, members of the International Insolvency Institute, members of the Group of Experts on restructuring and insolvency law appointed by the European Commission, judges, professionals, and academics. Although the event is aimed at disseminating the results of a two-year in-depth study, it also seeks to engage in a debate with all attendants, all experts like yourself.  Registration is required.

The Conference will present the results from a project funded by the DG Justice of the EC, performed Università degli Studi di Firenze (Project Coordinator), Humboldt-Universität zu Berlin (Partner) and Universidad Autónoma de Madrid (Partner), supported by the Consejo General del Poder Judicial, Banca d’Italia and Entrepreneurship Lab Research Center (Associate Partners).

 

Telephone
+39 3282710921
Email
This email address is being protected from spambots. You need JavaScript enabled to view it.
Address
Congresplaats 1, 1000 Brussel

 

All Dates


  • Thursday, 05 July 2018 08:30 - 16:30

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