EIRJ

New EIRJ Article: Niels Pannevis, 'Cramming down cross-border secured debt under the Insolvency Regulation and the Directive on Restructuring and Insolvency: laws in conflict or in development?' The position of cross-border secured creditors under the European Insolvency Regulation has sparked debate since the Regulation was first proposed. Additionally, the “hard-and-fast rule” of Article 8 EIR and the special protections it affords cross-border secured creditors complicate international restructurings as envisioned in the EU Directive on Restructuring and Insolvency, since many conclude that Article 8 EIR effectively protects cross-border secured creditors from any haircut in insolvency proceedings.   In the latest issue of EIRJ, Niels Pannevis, attorney at RESOR NV in Amsterdam and senior researcher at the Business Law Institute (Onderzoekcentrum Onderneming & Recht) of Radboud University, contends that the enactment of the EU Directive on Restructuring and Insolvency sheds new light on this longstanding debate. Pannevis argues that, with restructuring plan proceedings now available across all Member States, cross-border secured creditors can reasonably expect these restructuring frameworks to bind secured creditors, reshaping their legitimate expectations. Building on this and other key arguments in his contribution, Pannevis advocates for interpreting Article 8 EIR in light of the Restructuring Directive, thereby allowing for the cram-down of cross-border secured claims as long as the plan complies with the best interests of creditors test.   EIRJ is an open-access journal. Access this article and other valuable contributions on the development of insolvency and restructuring laws and practices in Europe here: https://lnkd.in/e8EUK4Ah #CrossBorderRestructuring #InsolvencyLaw #EIR #LegalResearch #Article8EIR

New EIRJ Article: Thomas Mastrullo, "Transposing the Directive (EU) 2019/1023: The New Luxembourg Preventive Restructuring Law" With the adoption of the Law of 7 August 2023, Luxembourg has modernized its preventive restructuring framework, aligning it with the EU Preventive Restructuring Directive (Directive (EU) 2019/1023). This new insolvency legislation introduces vital mechanisms such as early warning systems, new amicable procedures, and a comprehensive judicial restructuring process. In the latest article of the EIRJ, Thomas Mastrullo, Associate Professor at the University of Luxembourg, analyzes how this new law transforms Luxembourg's approach to preventive restructuring and insolvency law, making it more efficient and enhancing Luxembourg's marketplace competitiveness. EIRJ is an open-access journal. This and other valuable contributions on the development of insolvency and restructuring laws and practices in Europe can be accessed at: https://lnkd.in/egksnq59

New EIRJ Article: Oleksiy Kononov, 'Ukrainian Preventive Restructuring – First Transposition of Directive (EU) 2019/1023 by a Non-Member State'. Following Russia's invasion of Ukraine, the European Union has provided multiple forms of support to Ukraine and its people. In addition to military aid from individual Member States, the Union itself granted financial aid and politically endorsed Ukraine by granting it candidate status for EU accession. As a result of both the financial support and its candidate status, Ukraine is now required to transpose the European Restructuring Directive into its national law.   In this article, Oleksiy discusses the unprecedented transposition of the European Restructuring Directive in non-Member State Ukraine and analyzes the two legislative proposals currently pending in the Ukrainian legislature.   EIRJ is an open access journal. Access this article and other valuable contributions on the development of insolvency and restructuring laws and practices in Europe at: https://lnkd.in/emYZEM37

In the latest episode of Insol Talks, EIRJ editor Sarah Paterson joins two fellow editorial board members from leading law journals to discuss the acceptance process of academic publications on law. The episode addresses a key question: What are the intricacies of getting published in prestigious law journals?    Are you interested in writing an article or a case note on Restructuring and Insolvency Law in Europe? We warmly invite you to submit your work to EIRJ. For more information about our submission guidelines and process, please visit https://lnkd.in/ecvJTz4n

New EIRJ Case Note: Stephan Madaus, ‘The Restructuring of a Cross-Border Group in German StaRUG Proceedings’, AG Berlin Charlottenburg, 4 January 2024, NZI 2024, 225. In this case note, Madaus examines the restructuring of Spark Networks SE, an operator of mature and faith-based dating apps, under the German StaRUG. The plan aimed to financially reorganize the company, focusing primarily on its foreign law-governed debt and equity structure. This case marks a significant first in the application of the German StaRUG for cross-border restructuring, concurrently involving U.S. Chapter 15 proceedings. The plan included a debt-for-equity swap and required the Berlin restructuring court to address unprecedented issues under the StaRUG, particularly concerning company valuation and the fair distribution of the company’s value post-restructuring. EIRJ is an open access journal. Access this case note and other valuable contributions on the development of insolvency and restructuring laws and practices in Europe at: https://lnkd.in/etee5Hhr

New EIRJ Article: Sid Pepels, 'O Captain(s)! My Captain(s)! – Why and How Courts Should Start Appointing Groupwide Insolvency Practitioners under the Recast EIR' With the recast of the European Insolvency Regulation, the European legislator introduced tools for courts and insolvency practitioners to handle insolvency proceedings of a multinational group of companies. One of these tools is the appointment of the same insolvency practitioner(s) for the proceedings of all group entities, even when those proceedings emanate from different Member States: a so-called 'group insolvency practitioner'. In the latest article of EIRJ, Sid Pepels examines to what extent the recast European Insolvency Regulation authorizes Member States' courts to cooperate cross-border through appointing group insolvency practitioners. Pepels concludes that, within certain boundaries which the article examines thoroughly, courts already can and should appoint groupwide insolvency practitioners. EIRJ is an Openaccess journal. This and other valuable contributions on the development of insolvency and restructuring laws and practice in Europe can be accessed at: https://lnkd.in/eu3rD-9K

New EIRJ Article: Adrian Thery, 'The pre-pack regulation in the EU Commission proposal for a second insolvency directive' On 7 December 2022 the European Commission published its proposal for what is being referred to as 'The Second Insolvency Directive'. A key element of this proposal is the harmonisation of the 'pre-pack' process. In the latest article of the EIRJ, Adrian Thery explains the context in which this proposal was born, describes the main features of the harmonised pre-pack, and discusses the normative foundations for pre-packs that are unveiled in the proposed directive. EIRJ is an Openaccess journal. This and other valuable contributions on the development of insolvency and restructuring laws and practice in Europe can be accessed at: https://lnkd.in/e-VNmuKU