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Restructuring and Insolvency in Europe: Policy Options in the Implementation of the EU Directive

Author

Listed:
  • Jose M Garrido
  • Ms. Chanda M DeLong
  • Amira Rasekh
  • Anjum Rosha

Abstract

The Directive on Restructuring and Insolvency sets minimum standards for restructuring and certain insolvency matters, but its harmonization effect will be limited given multiple options for implementation, likely leading to divergent restructuring models in Europe. These options reveal different policy approaches to the regulation of restructuring and insolvency. The analysis in this paper aims to illustrate the breadth of the policy choices and their consequences for restructuring activity. States should carefully design restructuring procedures to avoid the negative economic effects of certain options that could undermine creditors’ rights or result in unpredictable outcomes, particularly in cross-border cases.

Suggested Citation

  • Jose M Garrido & Ms. Chanda M DeLong & Amira Rasekh & Anjum Rosha, 2021. "Restructuring and Insolvency in Europe: Policy Options in the Implementation of the EU Directive," IMF Working Papers 2021/152, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2021/152
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    Cited by:

    1. Prusak Błażej & Potrykus Marcin, 2022. "Stock price reaction to an arrangement approval in restructuring proceedings – the case of Poland," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 58(3), pages 279-298, September.

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