The following Restructuring & Insolvency guidance note provides comprehensive and up to date legal information covering:
The Restructuring Communication is one of the suite of Crisis Communications from The European Commission (the Commission) setting out the requirements for aid to be compatible with State aid principles:
the 2013 Banking Communication (which replaces the 2008 Banking Communication)
the Recapitalisation Communication
the Impaired Assets Communication
the Restructuring Communication
the 2010 Prolongation Communication
the 2011 Prolongation Communication
These special rules were introduced under article 107(3)(b) of the Treaty on the Functioning of The European Union (TFEU), which allows the Commission to approve state support to remedy a serious disturbance in the economy of a Member State. These rules have been updated where necessary to adapt to the evolution of the crisis.
The Restructuring Communication was introduced in 2009, and was initially limited in duration to 31 December 2010. It has been extended indefinitely through the 2010 Prolongation Communication and 2011 Prolongation Communication on the basis that State aid is still required to remedy a serious disturbance to the economy of a Member State (ie the exception under art 107(3)(b) of the TFEU, is still satisfied). However, the Commission will keep the situation under review and will move towards permanent rules for State aid for rescue and restructuring of financial institutions as soon as market conditions permit.
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