CONSIDERATIONS ON THE COORDINATION OF PREVENTIVE RESTRUCTURING MEASURES INTRODUCED BY DIRECTIVE (EU) 2019/1023 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF 20 JUNE 2019 ON PREVENTIVE RESTRUCTURING FRAMEWORKS, ON DISCHARGE OF DEBT AND DISQUALIFICATIONS, AND ON MEASURES TO INCREASE THE EFFICIENCY OF PROCEDURES CONCERNING RESTRUCTURING, INSOLVENCY AND DISCHARGE OF DEBT, AND AMENDING DIRECTIVE (EU) 2017/1132 (DIRECTIVE ON RESTRUCTURING AND INSOLVENCY)
Preventive solutions are a growing trend in insolvency law and approaches that have the aim of saving the companies which are still economically viable are a benefit to the economy. Differences between Member States in relation to procedures concerning restructuring, insolvency and discharge of debt...
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| Format: | Article |
| Language: | English |
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Nicolae Titulescu University Publishing House
2021-05-01
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| Series: | Challenges of the Knowledge Society |
| Subjects: | |
| Online Access: | http://cks.univnt.ro/download/cks_2021_articles%252F2_private_law%252FCKS_2021_PRIVATE_LAW_011.pdf |
| _version_ | 1818745000864776192 |
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| author | Vasile NEMEȘ Gabriela FIERBINȚEANU |
| author_facet | Vasile NEMEȘ Gabriela FIERBINȚEANU |
| author_sort | Vasile NEMEȘ |
| collection | DOAJ |
| description | Preventive solutions are a growing trend in insolvency law and approaches that have the aim of saving the companies which are still economically viable are a benefit to the economy. Differences between Member States in relation to procedures concerning restructuring, insolvency and discharge of debt generate additional costs for investors and also lead to uneven conditions for access to credit and to uneven recovery rates. A higher degree of harmonisation in the field of restructuring, insolvency, discharge of debt and disqualifications is thus indispensable for a well-functioning internal market in general and for a working Capital Markets Union in particular. These are only some of the results of the reflection determining the initiative for a new legal framework, as introduced by the Directive (EU) 2019/1023 of 20 June 2019 on preventive restructuring frameworks, on discharge of debt and disqualifications, and on measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt, and amending Directive (EU) 2017/1132 (Directive on restructuring and insolvency). This paper does not aim to offer solutions or to critically analyse the level of ambition of the Directive, but only to provide an examination of the national frameworks in articulation with the new instrument introduced at Union level, indicating new trends foreseen by its provisions and preliminary directions for reflection in the transposition process. |
| first_indexed | 2024-12-18T02:53:15Z |
| format | Article |
| id | doaj.art-3a8a14d1e0f64b828fc1155b1b3eaeba |
| institution | Directory Open Access Journal |
| issn | 2068-7796 |
| language | English |
| last_indexed | 2024-12-18T02:53:15Z |
| publishDate | 2021-05-01 |
| publisher | Nicolae Titulescu University Publishing House |
| record_format | Article |
| series | Challenges of the Knowledge Society |
| spelling | doaj.art-3a8a14d1e0f64b828fc1155b1b3eaeba2022-12-21T21:23:25ZengNicolae Titulescu University Publishing HouseChallenges of the Knowledge Society2068-77962021-05-01141208214CONSIDERATIONS ON THE COORDINATION OF PREVENTIVE RESTRUCTURING MEASURES INTRODUCED BY DIRECTIVE (EU) 2019/1023 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF 20 JUNE 2019 ON PREVENTIVE RESTRUCTURING FRAMEWORKS, ON DISCHARGE OF DEBT AND DISQUALIFICATIONS, AND ON MEASURES TO INCREASE THE EFFICIENCY OF PROCEDURES CONCERNING RESTRUCTURING, INSOLVENCY AND DISCHARGE OF DEBT, AND AMENDING DIRECTIVE (EU) 2017/1132 (DIRECTIVE ON RESTRUCTURING AND INSOLVENCY)Vasile NEMEȘ0Gabriela FIERBINȚEANU1Associate professor, PhD, Faculty of Law, „Nicolae Titulescu” University of Bucharest (e-mail: nemes@nemes-asociatii.ro)Lecturer, PhD, Faculty of Law, „Nicolae Titulescu” University of Bucharest (e-mail: gabriela.fierbinteanu@gmail.com)Preventive solutions are a growing trend in insolvency law and approaches that have the aim of saving the companies which are still economically viable are a benefit to the economy. Differences between Member States in relation to procedures concerning restructuring, insolvency and discharge of debt generate additional costs for investors and also lead to uneven conditions for access to credit and to uneven recovery rates. A higher degree of harmonisation in the field of restructuring, insolvency, discharge of debt and disqualifications is thus indispensable for a well-functioning internal market in general and for a working Capital Markets Union in particular. These are only some of the results of the reflection determining the initiative for a new legal framework, as introduced by the Directive (EU) 2019/1023 of 20 June 2019 on preventive restructuring frameworks, on discharge of debt and disqualifications, and on measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt, and amending Directive (EU) 2017/1132 (Directive on restructuring and insolvency). This paper does not aim to offer solutions or to critically analyse the level of ambition of the Directive, but only to provide an examination of the national frameworks in articulation with the new instrument introduced at Union level, indicating new trends foreseen by its provisions and preliminary directions for reflection in the transposition process.http://cks.univnt.ro/download/cks_2021_articles%252F2_private_law%252FCKS_2021_PRIVATE_LAW_011.pdfarrangement with creditorsad-hoc mandateviability testearly warning toolsclasses of creditorsemployees’ rights |
| spellingShingle | Vasile NEMEȘ Gabriela FIERBINȚEANU CONSIDERATIONS ON THE COORDINATION OF PREVENTIVE RESTRUCTURING MEASURES INTRODUCED BY DIRECTIVE (EU) 2019/1023 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF 20 JUNE 2019 ON PREVENTIVE RESTRUCTURING FRAMEWORKS, ON DISCHARGE OF DEBT AND DISQUALIFICATIONS, AND ON MEASURES TO INCREASE THE EFFICIENCY OF PROCEDURES CONCERNING RESTRUCTURING, INSOLVENCY AND DISCHARGE OF DEBT, AND AMENDING DIRECTIVE (EU) 2017/1132 (DIRECTIVE ON RESTRUCTURING AND INSOLVENCY) Challenges of the Knowledge Society arrangement with creditors ad-hoc mandate viability test early warning tools classes of creditors employees’ rights |
| title | CONSIDERATIONS ON THE COORDINATION OF PREVENTIVE RESTRUCTURING MEASURES INTRODUCED BY DIRECTIVE (EU) 2019/1023 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF 20 JUNE 2019 ON PREVENTIVE RESTRUCTURING FRAMEWORKS, ON DISCHARGE OF DEBT AND DISQUALIFICATIONS, AND ON MEASURES TO INCREASE THE EFFICIENCY OF PROCEDURES CONCERNING RESTRUCTURING, INSOLVENCY AND DISCHARGE OF DEBT, AND AMENDING DIRECTIVE (EU) 2017/1132 (DIRECTIVE ON RESTRUCTURING AND INSOLVENCY) |
| title_full | CONSIDERATIONS ON THE COORDINATION OF PREVENTIVE RESTRUCTURING MEASURES INTRODUCED BY DIRECTIVE (EU) 2019/1023 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF 20 JUNE 2019 ON PREVENTIVE RESTRUCTURING FRAMEWORKS, ON DISCHARGE OF DEBT AND DISQUALIFICATIONS, AND ON MEASURES TO INCREASE THE EFFICIENCY OF PROCEDURES CONCERNING RESTRUCTURING, INSOLVENCY AND DISCHARGE OF DEBT, AND AMENDING DIRECTIVE (EU) 2017/1132 (DIRECTIVE ON RESTRUCTURING AND INSOLVENCY) |
| title_fullStr | CONSIDERATIONS ON THE COORDINATION OF PREVENTIVE RESTRUCTURING MEASURES INTRODUCED BY DIRECTIVE (EU) 2019/1023 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF 20 JUNE 2019 ON PREVENTIVE RESTRUCTURING FRAMEWORKS, ON DISCHARGE OF DEBT AND DISQUALIFICATIONS, AND ON MEASURES TO INCREASE THE EFFICIENCY OF PROCEDURES CONCERNING RESTRUCTURING, INSOLVENCY AND DISCHARGE OF DEBT, AND AMENDING DIRECTIVE (EU) 2017/1132 (DIRECTIVE ON RESTRUCTURING AND INSOLVENCY) |
| title_full_unstemmed | CONSIDERATIONS ON THE COORDINATION OF PREVENTIVE RESTRUCTURING MEASURES INTRODUCED BY DIRECTIVE (EU) 2019/1023 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF 20 JUNE 2019 ON PREVENTIVE RESTRUCTURING FRAMEWORKS, ON DISCHARGE OF DEBT AND DISQUALIFICATIONS, AND ON MEASURES TO INCREASE THE EFFICIENCY OF PROCEDURES CONCERNING RESTRUCTURING, INSOLVENCY AND DISCHARGE OF DEBT, AND AMENDING DIRECTIVE (EU) 2017/1132 (DIRECTIVE ON RESTRUCTURING AND INSOLVENCY) |
| title_short | CONSIDERATIONS ON THE COORDINATION OF PREVENTIVE RESTRUCTURING MEASURES INTRODUCED BY DIRECTIVE (EU) 2019/1023 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF 20 JUNE 2019 ON PREVENTIVE RESTRUCTURING FRAMEWORKS, ON DISCHARGE OF DEBT AND DISQUALIFICATIONS, AND ON MEASURES TO INCREASE THE EFFICIENCY OF PROCEDURES CONCERNING RESTRUCTURING, INSOLVENCY AND DISCHARGE OF DEBT, AND AMENDING DIRECTIVE (EU) 2017/1132 (DIRECTIVE ON RESTRUCTURING AND INSOLVENCY) |
| title_sort | considerations on the coordination of preventive restructuring measures introduced by directive eu 2019 1023 of the european parliament and of the council of 20 june 2019 on preventive restructuring frameworks on discharge of debt and disqualifications and on measures to increase the efficiency of procedures concerning restructuring insolvency and discharge of debt and amending directive eu 2017 1132 directive on restructuring and insolvency |
| topic | arrangement with creditors ad-hoc mandate viability test early warning tools classes of creditors employees’ rights |
| url | http://cks.univnt.ro/download/cks_2021_articles%252F2_private_law%252FCKS_2021_PRIVATE_LAW_011.pdf |
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