The Future of Restructuring Law in Europe: Greater Harmonisation, but at What Cost?

Entry in Oxford Business Law Blog.


The European Commission has published its “Proposal for a Directive ... on preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures ...”. If enacted, the Directive would be the first serious step towards the harmonisation of the domestic insolvency laws of EU Member States. The most significant existing EU law in the insolvency field – the European Insolvency Regulation – leaves most aspects of the design of insolvency procedures to Member States to determine, and instead focuses on enhancing the effectiveness of these procedures in cross-border cases.