In brief Snapshot on the status of implementation of the EU Restructuring Directive in selected Member States and the new English scheme Introduction Through the EU Restructuring Directive of 20 June 2019 (EUR 2019/1023, “Directive”), the European Union has imposed an obligation on the EU Member States to offer a more attractive and flexible restructuring scheme in their respective local law. The initial deadline to do so had been 17 July 2021. Only a handful…
In brief All 27 EU member states must implement the European Restructuring Directive of 20 June 2019 by 17 July 2021. The Directive was in part a reaction to the phenomenon observed with continental European companies in a financial crisis to restructure their debt under an English Scheme of Arrangement. The Scheme of Arrangement, which is not an insolvency process, offers the possibility to implement a debt restructuring on the basis of a majority decision…