Skip to main content

Rescue of Business in Europe

Rescue of Business in Europe

red and white bouy inflatable on water
Oxford University Press has published the edited volume based on the European Law Institute’s (ELI) project ‘Rescue of Business in Insolvency Law’. The project ran from 2013 to 2017 under the auspices of the ELI and was conducted by Bob Wessels and Stephan Madaus, who were assisted by Gert-Jan Boon.

Furthering European Business Rescue Laws

The study sought to design (elements of) a legal framework that will enable the further development of coherent and functional rules for business rescue in Europe. This includes certain statutory procedures that could better enable parties to negotiate solutions where a business becomes financially distressed. Such a framework also includes rules to determine in which procedures and under which conditions an enforceable solution can be imposed upon creditors and other stakeholders despite their lack of consent. The project had a broad scope, and extended to consider frameworks that can be used by (non-financial) businesses out of court, and in a pre-insolvency context.

Publication of book on Rescue of Business in Europe

Oxford University Press has published the edited volume based on the European Law Institute’s (ELI) project ‘Rescue of Business in Insolvency Law’. The project ran from 2013 to 2017 under the auspices of the ELI and was conducted by Bob Wessels and Stephan Madaus, who were assisted by Gert-Jan Boon.

Furthering European Business Rescue Laws

The study sought to design (elements of) a legal framework that will enable the further development of coherent and functional rules for business rescue in Europe. This includes certain statutory procedures that could better enable parties to negotiate solutions where a business becomes financially distressed. Such a framework also includes rules to determine in which procedures and under which conditions an enforceable solution can be imposed upon creditors and other stakeholders despite their lack of consent. The project had a broad scope, and extended to consider frameworks that can be used by (non-financial) businesses out of court, and in a pre-insolvency context.
The results of the project included an instrument and national inventory and normative reports, as well as an international inventory report on recommendations from standard-setting organisations. This presented in this OUP Publication ‘Rescue of Business in Europe’. It will provide a full overview of the work prepared in the course of the project in some 1,500 pages.

Part I: Instrument on Rescue of Business in Insolvency Law

The result of the project is an Instrument on Rescue of Business in Insolvency Law (Instrument) as unanimously approved by the ELI Council and ELI General Assembly. The Instrument has ten Chapters that contain recommendations on a variety of themes affected by the rescue of financially distressed businesses. In total, the Instrument consists of some 115 recommendations.
Part II: National/international reports
In addition to the Instrument, the book will also include national/international inventory reports and normative reports. The national reports sketch the legal landscape in 13 EU Member States, it includes Austria, Belgium, England and Wales, France, Germany, Greece, Hungary, Italy, Latvia, The Netherlands, Poland, Spain and Sweden. For The Netherlands, Prof. Reinout Vriesendorp and Rick van Dommelen acted as national correspondents. In addition, this part comprises an inventory report by Gert-Jan Boon on international recommendations from standard-setting organisations for business rescue.


Labels:

Comments

Post a Comment

Popular posts from this blog

Italy: Firms shake lockdown using shortcut in coronavirus law

Italy: Firms shake lockdown using shortcut in coronavirus law The government last week extended non-essential business closures to May 3. But more than 100,000 mainly small- and medium-sized companies have applied to keep going or partially reopen. In principle, a key hurdle for companies to do business should be that they can prove they are part of a supply chain to businesses that are deemed “essential” in a government decree, such as food, energy or pharmaceutical companies. But the government, facing a backlog of applications, has clarified Italy’s lockdown laws to say no companies need to wait for government approval to go ahead. More than 105,000 firms have applied to be considered part of essential supply chains, the interior minister said on Wednesday, in a guideline on its website to clarify the lockdown rules. Of those, just over 2,000 have been turned down and told to suspend their business. More than 38,000 are being investigated and the rest are waiting to be...
Post a Comment
Read more

German government overreacted on COVID-19

German government overreacted on COVID-19 Christian Drosten, director of Berlin's Institute of Virology at the Charité Hospital, spoke to The Guardian on Sunday, days after the country began lifting some lockdown restrictions. Germany's lockdown started to lift on April 20, with the opening of smaller businesses like car dealerships, bike shops, and book stores. The country plans to start reopening schools on May 4. Drosten said he felt like the government was being pressured to reopen, and that he feared that a blasé attitude toward the relatively tame outbreak in Germany could lead to a new burst of infections.  The basic reproduction number, also known as R0, represents the average number of people a single patient is expected to infect and is a key figure to measuring countries' outbreak. You can read Business Insider's explainer to it here. More: https://www.businessinsider.com/germany-coronavirus-restrictions-so-effective-people-think-overreaction...
Post a Comment
Read more

Volkswagen factory just reopened

Volkswagen factory just reopened The world's largest carmaker has made 100 changes to the way its plants operate as it tries to restart business without risking the health of hundreds of thousands of workers. Its experience underscores the daunting task ahead for manufacturers as they resume work in a world still reeling from the pandemic. "We have never developed, produced and sold vehicles under these conditions before," said Bernd Osterloh, the top labor representative at Volkswagen (VLKAF). The gigantic Wolfsburg plant is located on the banks of an equally impressive feat of human engineering, the 200-mile long Mittelland Canal connecting sea and inland ports in Europe. Originally built in 1938 to house workers for Volkswagen's factories, Wolfsburg is still home to the group's headquarters and has produced more than 45 million cars since 1945. It's where the iconic Beetle was produced for more than three decades and where the automaker's be...
Post a Comment
Read more