Chapter 6: The development of rescue and restructuring in the EU
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The third part of this monograph, Chapters 6-9 considers the development of EU policy and legislation in the area of corporate rescue. It explores domestic approaches to rescue law in addition to the fact that the complexities of these laws mitigate against substantive harmonisation. The new Preventive Restructuring Directive 2019/1023, is novel, providing a minimum harmonisation framework aimed at the development of flexible restructuring mechanisms. Harmonisation attempts in insolvency are part of the aspiration (Action 11) of the Capital Markets Union Plan. The first Chapter of this part provides a description of the theoretical and legislative responses to business failure present prior to the introduction of the Preventive Restructuring Directive. Corporate restructuring and, particularly, preventive restructuring can be controversial. This Chapter describes a taxonomy that was developed during the JCOERE Project and applies this as an analytical tool to assist with analysis of the approach of different member states. Chapter 6 considers the theoretical discussion upon which the modern approach to corporate rescue law relies, including arguments around these more controversial aspects.

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