Effectiveness of Cross-Border Restructuring Proceedings in the European Union Law

Abstract

The master thesis is dedicated to the challenges of cross-border restructuring within the European Union. It analyses the role of the Restructuring Directive in establishing restructuring regime as well as its relations with the EIR. Further it unwraps the essence of the restructuring instruments, particularly new and interim financing, a stay of individual enforcement actions as well as protection of executory contracts. The peculiarity of the research lies in the functioning of the abovementioned instruments in cross-border restructuring. It is supplemented with the analysis of the operation of restructuring plan, namely confirmation, voting and enforcement in cross-border proceeding. The research reveals core challenges which arise in cross-border restructuring, mainly related to the cooperation between courts, insolvency practitioners and debtor in possession. Also, it tackles crucial issue of compatibility between the main and secondary insolvency proceedings, when one of them is liquidation and another one is restructuring.