CMS Expert Guide to Restructuring Possibilities in Europe

Introduction

We are delighted to present this CMS report which provides an overview of the various restructuring possibilities throughout Europe.

During the CMS Restructuring & Insolvency Associates Training which took place in Cologne in April 2013, the different restructuring options in multiple jurisdictions were discussed. The outcome of the training and the differences between the jurisdictions were remarkable enough to justify the publishing of a report on this topic.

While the European Commission strives for unity of laws within the European Union, it is clear that there are (and will most probably remain) numerous differences between in-court and out-of-court possibilities for restructuring. While these differences may create confusion and uncertainty, they can also create new possibilities. In the brochure that was drawn up after last year’s associates training; the ‘CMS Guide to finding COMI’, “forum shopping” was given consideration. This is relevant in this respect as well. Under certain circumstances it is possible to choose the national insolvency law that will apply.

This report focuses both on the ‘insolvency proceedings’ as mentioned in the EC Insolvency Regulation1Council Regulation (EC) No. 1346/2000 on insolvency proceedings. (EIR) and on restructuring options that do not have a legal basis. We are proud to give you an overview on this matter in 19 jurisdictions!

If you have any questions regarding the issues contained in this report, please contact us.

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