Transposing the preventive restructuring directive 2019 into French insolvency law: Rethinking the role of the judge and rebalancing creditors' rights

Autor: Emilie Ghio
Rok vydání: 2020
Předmět:
Zdroj: International Insolvency Review. 30:54-74
ISSN: 1099-1107
1180-0518
DOI: 10.1002/iir.1401
Popis: On 6 June 2019, the European Council adopted the Directive 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. The Directive establishes a set of minimum standards for preventive restructuring procedures across Member States to enable debtors in financial difficulty to restructure at an early stage to avoid insolvency. Although the French regime is known for its developed and sophisticated preventive restructuring framework, with no less than five preventive procedures available to debtors experiencing difficulties but not yet insolvent, French insolvency law has also long been considered too favourable to the debtor and “unreasonably averse to creditors.” Transposing the Directive provides a unique occasion for France to reform its preventive restructuring landscape to rebalance the protection afforded to different stakeholders’ interests. Transposing the Directive into French law will have a deep impact on current practices and in particular, it will require: (i) rebalancing the involvement and role of judicial authorities in preventive restructuring proceedings; and (ii) rebalancing the involvement of, and protection granted to, creditors.
Databáze: OpenAIRE
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