Part 3: Insolvencies of groups of companies

The considerable reforms at the centre of the new Insolvency Regulation reflect the substantial changes that the national laws of the EU Member States underwent over the last decade. The primary advancements of the Regulation include: (1) pre-insolvency proceedings that discourage liquidation in favour of rescue and restructuring; (2) procedural instruments which facilitate the administration of complex cross-border insolvencies and, thus, reduce the opening of inefficient parallel insolvency proceedings via the strengthening of procedural cooperation; and (3) a procedural mechanism designed to reinforce coordination of corporate group insolvencies. The chapters of this book bridge the gap between academia and practice. Various stakeholders, including insolvency practitioners, judges and researchers, will find a systematic overview of the changes and expected problems that lay ahead. Beyond this comprehensive review, the study also puts forth a series of guidelines and recommendations to facilitate the application and interpretation of the new Regulation.