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Welcome /  Blog /  2014-12-doc7 Business rescue in Europe - Setting the scene

2014-12-doc7 Business rescue in Europe - Setting the scene

Since early 2014, under the umbrella of the European Law Institute, I am engaged in a project named Business rescue in insolvency, together with professor Stephan Madaus (Halle-Wittenberg) and adjunct professor Kristin van Zwieten (Oxford). As the project title indicates, it is the issue of rescue of business that lies at the core of this project. The ultimate aim is to design a framework that will enable the further development of coherent and functional rules for business rescue in Europe. Insolvency law is at the forefront of reform initiatives in Europe and beyond, and any contemporary developments will be given due consideration as work on the project progresses. The project is to be carried out over a period of 30 months. During its first year (2014) National Correspondents (NCs) will draft inventory reports on their respective national insolvency laws, based on a detailed questionnaire prepared by the reporters. NCs are experts from a selected group of 14 different European countries which each represent different approaches to insolvency law. Some topics that will be covered in those reports include: governance and supervision of in-court and out-of-court rescue, special protection for financing a rescue, treatment of executory contracts, ranking of creditors, avoidance powers, restructuring plans, special arrangements for SMEs, and the position of liquidators and directors. In addition to these national reports, an inventory report on international recommendations from standard-setting organisations, such as the World Bank and UNCITRAL, will be drafted. The results of the first year’s work will be presented and discussed at a conference (open for invitees only), which is scheduled for 19/20 March 2015 in Vienna. In the later stages of the project, these outputs will be used by the project team to formulate their recommendations for reform, which are at this stage expected to be presented in the form of a legislative guide. This process will be assisted by input from a specialist advisory committee (AC), staffed by experts in relevant areas of law and legal practice across Europe. I have explained the project and its development at the annual meeting of the European Law Institute in Zagreb (Croatia), end September 2014, using the attached paper, which is setting the scene within which our work will develop. Wessels - Business Rescue in Insolvency Law - Setting the Scene