Living in a Debtor’s Paradise? The EU Directive on Restructuring and Insolvency.
Getting a second chance and bringing a business back to life with the help of effective restructuring procedures seems uncontroversial throughout the EU - however, until recently, an EU-wide legal framework for such procedures was still missing. After more than two years of negotiations, the EU Directive was received quite controversially with major concerns being that it would be too favourable for debtors. One thing however is clear: During the implementation process to be completed by 17 July 2021, lots of further issues and details will have to be brought to the table.