CMS Restructuring, Insolvency & Special Situations | Video series
CMS’ Restructuring, Insolvency & Special Situations video series explores the legal and strategic issues shaping cross-border restructuring and insolvency matters across Europe and beyond. Featuring partners and counsel from key jurisdictions, this first series covers international restructuring tools, harmonization of EU insolvency laws, bankruptcy vs. restructuring, directors’ duties, the NPL Directive, a focus on CEE, and developments in Ukraine.
The first video is presented by the international practice leaders, Alexandra Schluck-Amend and Glen Flannery, who introduce the team’s cross-border experience and approach to complex, multi-jurisdictional matters. Watch the series for practical insight into today’s restructuring and insolvency landscape.
Global Restructuring & Insolvency: our Strengths
Complex cross‑border restructuring and insolvency requires more than local answers. In this first video of our new series, Alexandra Schluck-Amend and Glen Flannery, co‑leaders of CMS’ Global Restructuring, Insolvency & Special Situations Group, explain how we deliver co-ordinated strategies and solutions through an integrated platform spanning 50 jurisdictions.
They outline how our teams combine leading local expertise with seamless cross‑border execution.
EU Commission proposal to harmonise insolvency law
The EU has been moving toward closer alignment of insolvency rules to support cross-border investment and reduce friction in multi-jurisdictional situations.
In this video, Alexandra Schluck-Amend explains what the Directive is designed to change and why it matters for companies, lenders and investors operating across the EU – particularly when value, timing and predictability are critical.
❗ Update (31 March 2026): Since this video was recorded, the EU legislative process has moved forward. On 30 March 2026, the Council gave its final approval to the Directive harmonising certain aspects of insolvency law. The focus is now shifting to implementation in the Member States.
Following publication in the Official Journal of the EU, Member States will have two years and nine months to transpose the Directive into national law.
Our CMS teams across Europe are closely monitoring national developments and advising clients on the practical implications.
Speak to our team if you are assessing cross-border exposure, enforcement or restructuring options in the EU!
Navigating cross-border restructurings and insolvencies
The European restructuring and insolvency landscape continues to evolve at pace.
An expanding toolkit across EU jurisdictions - alongside the enduring strength of English law mechanisms - is providing debtors and their stakeholders with more flexibility than ever.
But with that comes greater complexity. In cross-border situations, the choice of forum and restructuring tools is central to achieving a successful outcome.
In this short video, Glen Flannery outlines the latest developments, what’s driving them and what to watch out for in 2026.
Speak to our team about restructuring and insolvency issues in the UK and beyond!
The new playing field for cross-border restructuring in Europe: effective new tools
Marlous de Groot looks at the WHOA (Dutch scheme) and what it means for cross‑border restructuring. Since 1 January 2021, the WHOA has allowed debtor‑in‑possession proceedings in which a court‑approved restructuring plan can bind affected creditors and shareholders—including those absent or dissenting.
Initially used by SMEs, it is now applied in large, complex, multi‑jurisdiction cases, with options for public or private proceedings, international recognition, and compatibility with parallel UK/US processes. The Netherlands has quickly become a practical venue for sophisticated, cross‑border solutions.
Speak to our team about restructuring and insolvency issues in the Netherlands and beyond!
Bankruptcy vs. Restructuring: Key Differences
Bankruptcy and restructuring are not interchangeable options, and choosing the right route requires careful assessment of the legal, financial and strategic context.
In this video, Niklas Alvestrand Körling and Susann Brackmann explain the key differences between bankruptcy and restructuring, and the factors stakeholders should weigh when considering each path.
Both routes can deliver a turnaround; the right choice depends on the case and timing.
Get in touch if you would like to discuss the options in a distressed scenario.
Directors’ duties during times of financial difficulty: legal and practical tips
Periods of financial difficulty can place directors under significant pressure, both commercially and legally. In some scenarios, they must have regard to creditors’ interests – and may need to prioritise them over shareholders.
In this video, Nacho Fernández Aguado discusses directors’ duties and potential personal liabilities when a business is in distress, together with practical points that can help boards navigate difficult decisions more effectively.
Understanding the legal framework, documenting decision-making properly and seeking advice at the right time can be critical in reducing risk and protecting value.
Speak to our team about restructuring and insolvency issues in Spain and beyond!
Navigating NPL Directive changes
The NPL Directive continues to shape the market for non-performing loans and distressed assets across Europe.
In this video, Kelly Rothwell and Tilmann Rauhut unpack how the EU NPL Directive is reshaping secondary markets – what it means for banks, credit purchasers and servicers, and why cross‑border nuances still matter.
They set out the Directive’s aims and the new obligations on EU bank sellers, non‑bank purchasers and authorised credit servicers. They also highlight uneven Member‑State implementation—and why UK participants still feel the effects in cross‑border trades.
The discussion offers a practical view of the issues that may affect deal execution and market activity.
Speak to our team about restructuring and insolvency issues in the UK, Germany and beyond!
Restructuring in Ukraine
Ukraine’s restructuring framework continues to evolve in exceptionally challenging circumstances.
In this video, Kateryna Chechulina discusses restructuring in Ukraine today, including the recently introduced preventive restructuring mechanism designed to align more closely with EU legislation.
The video highlights key features of the current framework and the broader context in which businesses, lenders and investors may be assessing restructuring options.
For stakeholders with exposure to Ukraine, understanding both the legal developments and the practical realities remains essential.
Contact us to discuss restructuring considerations involving Ukraine.
Cross-Border Insolvency: CEE Challenges (Czech Republic)
Cross-border insolvency matters in Central and Eastern Europe can raise distinct legal and practical challenges.
In this video, Lukáš Valušek explains that cross‑border restructurings in CEE are increasingly common yet legally and practically complex, with differing insolvency frameworks, procedures and creditor‑rights approaches across jurisdictions – even within the EU.
For businesses, lenders and investors active in CEE, these considerations can be central to achieving workable outcomes.
Speak to our team about restructuring and insolvency issues across CEE!
Cross-Border Insolvency: CEE Challenges (Serbia)
Cross-border insolvency matters in Central and Eastern Europe can raise distinct legal and practical challenges.
In this video, Nenad Kovačević explains what foreign creditors need to know when a Serbian company enters bankruptcy. The conversation looks at the importance of local knowledge, acting promptly, coordination across markets and a clear strategy for managing procedural and commercial complexity.
For businesses, lenders and investors operating in CEE, these factors are crucial for achieving practical outcomes.
Speak to our team about restructuring and insolvency issues across CEE.
