Debt restructuring and insolvency – European Guide to Support Business
In cooperation with Andersen European Restructuring & Insolvency Service Line, we haves prepared another guide which offers an insight into legal solutions adopted by some European countries in response to the COVID-19 pandemic. This time it focuses on the context of insolvency and restructuring. The guide also presents other mechanisms deployed to alleviate adverse effects of the COVID-19 pandemic, such as suspension of contractual obligations and optional or obligatory moratoria.
Comparative analysis of the mechanisms adopted by some European countries indicates that suspension of procedural deadlines along with significant limitation of courts’ activity to urgent cases during the greatest impact of the pandemic have affected both insolvency and restructuring procedures. Several countries have qualified insolvency and restructuring cases as top priority and they have been continued. Many states have also modified conditions and suspended or frozen deadlines to apply for declaration of bankruptcy or to initiate a restructuring procedure. Very few countries have implemented simplified/special restructuring procedures to tackle overload in insolvency and restructuring cases.
We hope this guide proves useful as a practical tool of support in insolvency and restructuring procedures.
Link to the publication: European Guide to Support Business: Debt Restructuring and Insolvency
The Guide is available in English only.
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