Skip to main content
SpringerLink
Log in

Restructuring

  • Chapter
  • First Online:
International Insolvency Law

  • 829 Accesses

Abstract

Restructuring is the tendency of the national laws during the last years, when countries try to handle corporate economic crises. Obvious is the influence that U.S. law and UK law have on other laws which move towards these models, especially towards Chapter 11 of the U.S. Bankruptcy Code.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
eBook
USD 16.99
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Hardcover Book
USD 119.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Notes

  1. 1.

    Pulgar Ezquerra (2016), p. 119.

  2. 2.

    Commission Recommendation of 12 March 2014 on a new approach to business failure and insolvency, 2014/135/EU (OJ 2014, L74/65).

  3. 3.

    Madaus (2014), p. 81.

  4. 4.

    Vanmeenen (2016), pp. 161–162.

  5. 5.

    Eidenmüller (2017), p. 273; Eidenmüller and van Zwieten (2015), p. 625.

  6. 6.

    2016 O.J. L 141/19.

  7. 7.

    Block-Lieb (2017), p. 1406.

  8. 8.

    Vallender (2017), p. 538.

  9. 9.

    Only debtors may have the initiative for such a preventive restructuring procedure, see Ganter (2017), p. 205.

  10. 10.

    Thery (2016), p. 139, argues that the Recast EIR is faced with two very different models that are difficult to reconcile: (1) the English model, in which restructuring is almost only possible as a pre-insolvency procedure and (2) the German model, within whose formal insolvency proceedings both liquidation and financial and operational restructuring are possible—the last model, having similarities with the U.S. model that expressly provides for a cram-down. Between these two models there are the other national systems, also differing from each other.

  11. 11.

    Tollenaar (2017), p. 65.

  12. 12.

    Garcimartín (2016), p. 90.

  13. 13.

    Dammann (2017), p. 163.

  14. 14.

    Eidenmüller (2016), p. 150.

  15. 15.

    Madaus (2017), p. 446.

  16. 16.

    Johnston (1991), p. 216.

  17. 17.

    Baird and Picker (1991), p. 312.

  18. 18.

    Goldenber Serrano (2010), p. 73.

  19. 19.

    Landfermann (2017), p. 430.

  20. 20.

    Moustaira (1992). It was my PhD.

  21. 21.

    Most interesting is also the fact that in some laws there is a sort of discrimination towards some claims which, because of their specific qualities, do not receive an equal treatment with the ordinary claims, so that sometimes they are called “antiprivileged”.

  22. 22.

    Paulus (2017), p. 481.

  23. 23.

    Re Swissair Schweizerische Luftverkehr-Aktiengesellschaft [2010] BCC 667, 671.

  24. 24.

    Paech (2016), p. 855.

  25. 25.

    Mooney (2014), pp. 247–251.

  26. 26.

    Couwenberg and Lubben (2015), p. 740.

  27. 27.

    Moustaira (1992).

  28. 28.

    Garrido (1998), p. 79.

  29. 29.

    Vattermoli (2013), p. 156.

  30. 30.

    In pre-packs, a distressed company and its creditors reach an agreement about the company’s assets prior to appointing an administrator out-of-court. The administrator then implements the agreement. Pre-packs give, as a rule, a high level of control to secured creditors, see Nocilla (2017), p. 68.

  31. 31.

    See supra, Sect. 2.7.

  32. 32.

    LoPucki and Doherty (2007), p. 1, had found that, from 2000 through 2004, reorganizations of large public companies under Chapter 11 of the U.S. Bankruptcy Code had yielded more than twice the returns of Section 363 sales. Denying that, Murphy (2011), p. 113, argues that using a different valuation model, the differences in returns are statistically insignificant. However, this is not a solid argument in favor of Section 363 sales. If there are slight or no differences, why choose a “procedure” not guaranteed by a court?

  33. 33.

    Jacoby and Janger (2014), p. 862.

  34. 34.

    Mooney (2015), p. 754.

  35. 35.

    Roe and Tung (2013), pp. 1258–1262.

  36. 36.

    Wood (2011), p. 446.

References

  • Baird DG, Picker RC (1991) A simple non-cooperative bargaining model of corporate reorganizations. J Leg Stud 20:311–349

    Article  Google Scholar 

  • Block-Lieb S (2017) The UK and EU cross-border insolvency recognition: from Empire to Europe to “Going It Alone”. Fordham Int Law J 40:1373–1412

    Google Scholar 

  • Couwenberg O, Lubben SJ (2015) Corporate bankruptcy tourists. Bus Law 70:719–750

    Google Scholar 

  • Dammann R (2017) Umsetzung des EU-Richtlinienvorschlags vom 22.11.2016: Vorschläge zur Einführung eines präventiven Restrukturierungsverfahrens. In: Paulus CG, Wimmer-Amend A (eds) Festschrift für Dr. Klaus Wimmer. Nomos, Baden-Baden, pp 162–186

    Chapter  Google Scholar 

  • Eidenmüller H (2016) Was ist ein Insolvenzverfahren? Zeitschrift für Wirtschaft Recht:145–150

    Google Scholar 

  • Eidenmüller H (2017) Contracting for a European insolvency regime. Eur Bus Org Law Rev 18:273–304

    Article  Google Scholar 

  • Eidenmüller H, van Zwieten K (2015) Restructuring the European business enterprise: the EU commission recommendation on a new approach to business failure and insolvency. Eur Bus Org Law Rev 16:625–667

    Article  Google Scholar 

  • Ganter HG (2017) Von der Beständigkeit rechtspolitischer Richtungsentscheidungen – Der Kampf für und gegen ein vorinsolvenzliches Sanierungsverfahren. In: Paulus CG, Wimmer-Amend A (eds) Festschrift für Dr. Klaus Wimmer. Nomos, Baden-Baden, pp 187–218

    Chapter  Google Scholar 

  • Garcimartín F (2016) Universal effects of European pre-insolvency proceedings: a case study. In: Parry R, Omar PJ (eds) Reimagining rescue. INSOL Europe, Nottingham, pp 77–90

    Google Scholar 

  • Garrido JM (1998) Some reflections on the EU bankruptcy convention and its implications for secured and preferential creditors. Int Insolv Rev 7:79–94

    Article  Google Scholar 

  • Goldenber Serrano JL (2010) Consideraciones críticas respecto al denominado principio de la par condicio creditorum. Revista Chiena de Derecho 37:73–98

    Google Scholar 

  • Jacoby M, Janger E (2014) Ice cube bonds: allocating the price of process in Chapter 11 bankruptcy. Yale Law J 123:862–947

    Google Scholar 

  • Johnston JB (1991) The bankruptcy bargain. Am Bankruptcy Law J 62:213

    Google Scholar 

  • Landfermann H-G (2017) Die Befriedigung der Gläubiger im Insolvenzverfahren – bestmöglich und gleichmäßig! In: Paulus CG, Wimmer-Amend A (eds) Festschrift für Dr. Klaus Wimmer. Nomos, Baden-Baden, pp 408–445

    Chapter  Google Scholar 

  • LoPucki L, Doherty J (2007) Bankruptcy fire sales. Mich Law Rev 106:1–59

    Google Scholar 

  • Madaus S (2014) The EU recommendation on business rescue – only another statement or a cause for legislative action across Europe? Insolv Intell 27:81–85

    Google Scholar 

  • Madaus S (2017) Restrukturierung mit Insolvenzprinzipien und Insolvenzverfahren mit Restrukturierungsziel? Eine Betrachtung der Grundannahmen des Insolvenz- und Restrukturierungsrechts. In: Paulus CG, Wimmer-Amend A (eds) Festschrift für Dr. Klaus Wimmer. Nomos, Baden-Baden, pp 446–474

    Chapter  Google Scholar 

  • Mooney C Jr (2014) The bankruptcy code’s safe harbors for settlement payments and securities contracts: when is safe too safe? Texas Int Law J:245–267

    Google Scholar 

  • Mooney C Jr (2015) The (Il)legitimacy of bankruptcies for the benefit of secured creditors. Univ Ill Law Rev:735–764

    Google Scholar 

  • Moustaira EN (1992) The equality of creditors in international bankruptcy law [in Greek]. Ant.N. Sakkoulas Publishers, Athens

    Google Scholar 

  • Murphy J (2011) Bankruptcy Avant-Garde. Am Bankruptcy Inst Law Rev 19:113

    Google Scholar 

  • Nocilla A (2017) Asset sales and secured creditor control in restructuring: a comparison of the UK, US and Canadian models. Int Insolv Rev 26:60–81

    Article  Google Scholar 

  • Paech P (2016) The value of insolvency safe harbours. Oxford J Leg Stud 36:855–884

    Article  Google Scholar 

  • Paulus CG (2017) Gedanken zur Effizienz der Insolvenzordnung. In: Paulus CG, Wimmer-Amend A (eds) Festschrift für Dr. Klaus Wimmer. Nomos, Baden-Baden, pp 475–487

    Chapter  Google Scholar 

  • Pulgar Ezquerra J (2016) Corporate restructuring: the European recommendation and the Spanish model. In: Parry R, Omar PJ (eds) Reimagining rescue. INSOL Europe, Nottingham, pp 119–137

    Google Scholar 

  • Roe M, Tung F (2013) Breaking bankruptcy priority: how rent-seeking upends the creditors’ bargain. Va Law Rev 99:1235–1290

    Google Scholar 

  • Thery A (2016) Crossroads in EU harmonization on restructuring and insolvency: towards a market-based system or one where “The Senior takes it all?”. In: Parry R, Omar PJ (eds) Reimagining rescue. INSOL Europe, Nottingham, pp 139–147

    Google Scholar 

  • Tollenaar NWA (2017) The European Commission’s proposal for a directive on preventive restructuring proceedings. Insolv Intell 30:65–81

    Google Scholar 

  • Vallender H (2017) Harmonisierung des Insolvenzrechts in der EU schreitet voran – Zum Kommissionsentwurf einer Richtlinie für ein vorinsolvenzliches Sanierungsverfahren. In: Paulus CG, Wimmer-Amend A (eds) Festschrift für Dr. Klaus Wimmer. Nomos, Baden-Baden, pp 537–554

    Chapter  Google Scholar 

  • Vanmeenen M (2016) Pre-insolvency arrangements: the Belgian experience. In: Parry R, Omar PJ (eds) Reimagining rescue. INSOL Europe, Nottingham, pp 161–173

    Google Scholar 

  • Vattermoli D (2013) Par condicio omnium creditorum. Rivista trimestriale di diritto e procedura civile:155–183

    Google Scholar 

  • Wood A (2011) The decline of unsecured creditor and shareholder recoveries in large public company bankruptcies. Am Bankruptcy Law J 85:429–450

    Google Scholar 

Download references

Author information

Authors and Affiliations

  1. School of Law, National and Kapodistrian University of Athens, Athens, Greece

    Elina Moustaira

Authors
  1. Elina Moustaira
    View author publications

    You can also search for this author in PubMed Google Scholar

Rights and permissions

Reprints and permissions

Copyright information

© 2019 Springer Nature Switzerland AG

About this chapter

Check for updates. Verify currency and authenticity via CrossMark

Cite this chapter

Moustaira, E. (2019). Restructuring. In: International Insolvency Law. Springer, Cham. https://doi.org/10.1007/978-3-030-04450-3_8

Download citation

  • DOI: https://doi.org/10.1007/978-3-030-04450-3_8

  • Published:

  • Publisher Name: Springer, Cham

  • Print ISBN: 978-3-030-04449-7

  • Online ISBN: 978-3-030-04450-3

  • eBook Packages: Law and CriminologyLaw and Criminology (R0)

Publish with us

Policies and ethics

Search

Navigation