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Pre-Pack Proceeding - A Hybrid and Derogatory Safeguard Tool. Member States’ Future Obligation of Integrating a New Mechanism in Their National Insolvency Law

Author

Listed:
  • Corina Georgiana Cioroiu

    (“Ovidius” University of Constanta, Faculty of Economic Sciences, Romania)

  • Daniel Lipara

    (“Ovidius” University of Constanta, Faculty of Economic Sciences, Romania)

Abstract

Harmonizing Member States’ insolvency frameworks has been a goal for the European Union for the past years, dating back to 2016, when the European Commission issued a Proposal for a Directive on preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency, and discharge proceedings [COM (2016) 723 final], based on the Commission's Recommendation regarding a new approach to business failure and insolvency [C(2014) 1500 final]. This led to the Directive (EU) 2019/1023 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. One key topic addressed by the “Directive proposal” [COM(2022) 702 final] is the “pre-pack proceeding”, meant to offer an efficient alternative for safeguarding businesses. Underlining the achievements of this Directive proposal by regulating pre-packed administrative proceedings is our scope in this paper

Suggested Citation

  • Corina Georgiana Cioroiu & Daniel Lipara, 2023. "Pre-Pack Proceeding - A Hybrid and Derogatory Safeguard Tool. Member States’ Future Obligation of Integrating a New Mechanism in Their National Insolvency Law," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 304-310, August.
    • Handle: RePEc:ovi:oviste:v:xxiii:y:2023:i:1:p:304-310
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    Keywords

    liquidation; insolvency; pre-pack proceedings; safeguard; reorganization;
    All these keywords.

    JEL classification:

    • K29 - Law and Economics - - Regulation and Business Law - - - Other

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