Restructuring and insolvency—European Union—Q&A guide

The following Restructuring & Insolvency practice note provides comprehensive and up to date legal information covering:

  • Restructuring and insolvency—European Union—Q&A guide
  • 1. What main legislation is applicable to insolvencies and reorganisations?
  • 2. What entities are excluded from customary insolvency or reorganisation proceedings and what legislation applies to them? What assets are excluded or exempt from claims of creditors?
  • 3. What procedures are followed in the insolvency of a government-owned enterprise? What remedies do creditors of insolvent public enterprises have?
  • 4. Has your country enacted legislation to deal with the financial difficulties of institutions that are considered ‘too big to fail’?
  • 5. What courts are involved? What are the rights of appeal from court orders? Does an appellant have an automatic right of appeal or must it obtain permission? Is there a requirement to post security to proceed with an appeal?
  • 6. What are the requirements for a debtor commencing a voluntary liquidation case and what are the effects?
  • 7. What are the requirements for a debtor commencing a voluntary reorganisation and what are the effects?
  • 8. How are creditors classified for purposes of a reorganisation plan and how is the plan approved? Can a reorganisation plan release non-debtor parties from liability and, if so, in what circumstances?
  • 9. What are the requirements for creditors placing a debtor into involuntary liquidation and what are the effects? Once the proceeding is opened, are there material differences to proceedings opened voluntarily?
  • More...

Restructuring and insolvency—European Union—Q&A guide

This Practice Note contains a jurisdiction-specific Q&A guide to restructuring and insolvency in European Union published as part of the Lexology Getting the Deal Through series by Law Business Research (published: February 2021).

Authors: Freshfields Bruckhaus Deringer—Katharina Crinson

1. What main legislation is applicable to insolvencies and reorganisations?

The European Union is a unique economic and political partnership among 27 European countries that together cover much of the continent.. The first step towards forming the EU was the creation of the European Economic Community (EEC) in 1958, which covered six countries: Belgium, Germany, France, Italy, Luxembourg and the Netherlands. Since then, a huge single market has been created and continues to develop. The following countries are currently members of the EU: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden. The United Kingdom (UK) left the EU on 31 January 2020 and at the time of writing is in a transition period agreed in the UK–EU Withdrawal Agreement until 31 December 2020. Under the Withdrawal Agreement, the UK continues to be subject to EU law, during which time it continues to negotiate its future trading relationship with the EU.

At EU level, there are a number of different legislative frameworks in operation in the

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