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Restructuring and Insolvency in Europe: Policy Options in the Implementation of the EU Directive
Author:
Jose M Garrido null

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Ms. Chanda M DeLong
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Amira Rasekh null

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Anjum Rosha null

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Series:
IMF Working Papers
Volume/Issue:
Volume 2021: Issue 152
Language:
English
Publication Date:
27 May 2021
DOI:
https://doi.org/10.5089/9781513573595.001
ISBN:
9781513573595
ISSN:
1018-5941
Pages:
53
Keywords:
restructuring; insolvency; European countries; EU Directive; policy option; insolvency in Europe; policy choice; implementation option; Solvency; Early warning systems; Corporate insolvency; Data collection; Europe
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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The Directive on Restructuring and Insolvency sets minimum standards for restructuring and certain insolvency matters, but its harmonization effect will be limited given multiple options for implementation, likely leading to divergent restructuring models in Europe. These options reveal different policy approaches to the regulation of restructuring and insolvency. The analysis in this paper aims to illustrate the breadth of the policy choices and their consequences for restructuring activity. States should carefully design restructuring procedures to avoid the negative economic effects of certain options that could undermine creditors’ rights or result in unpredictable outcomes, particularly in cross-border cases.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund