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Restructuring Booklet

Authors:
Publisher:
 27.09.2023

Summary

The idea of restructuring companies at an early stage has become more widespread in recent decades. There has been a development from an insolvency law designed for liquidating companies to a restructuring law to preserve (viable) companies. Due to increasing international interdependencies in restructuring, especially in the restructuring of large companies, there is a multitude of possibilities to restructure according to the respective national legal (restructuring) framework.

 

For this reason, in this Restructuring Booklet the individual national restructuring regimes are presented using the following criteria that could become relevant in practice for all stakeholders involved (i.e., debtors, creditors such as customers, suppliers and financial creditors, and also employees): Application, Prerequisites, Self-Administration/Restructuring Offi­cer, Effects of the opening of the proceedings, Restructuring tools/Restructuring measures, New financing, Classes of Creditors, Approval, Publicity/Confidentiality, Special forms of restructuring proceedings and Recognition.

 

Using these criterias the following individual national restructuring regimes are presented:

  • EU: Austria, Czech Republic, France, Finland, Germany, Italy, Netherlands

  • Switzerland

  • United Kingdom

  • United States

 

This book is the result of practical work, which has shown more and more that restructuring can be implemented purely on a national level only in a few cases. Both the companies themselves and the crisis factors that companies are facing today have a large number of international aspects and interdependencies. This makes it all the more important in the respective (tailor-made) restructuring to use the advantages and avoid disadvantages of the respective national legal frameworks.

Keywords

Bibliographic data

Copyright year
2023
Publication date
27.09.2023
ISBN-Print
978-3-214-25384-4
ISBN-Online
978-3-214-25475-9
Publisher
MANZ, Wien
Language
English
Pages
104
Product type
Book Titles

Table of contents

ChapterPages
  1. Titelei/Inhaltsverzeichnis No access I - VIII
  2. 1. Restructuring on the rise No access 1 - 2
    1. 2.1 Introduction No access
    2. 2.2 Application No access
    3. 2.3 Prerequisites No access
    4. 2.4 Self-Administration/Restructuring Officer No access
    5. 2.5 Effects of the Opening of the Proceedings No access
    6. 2.6 Restructuring Tools/Restructuring Measures No access
    7. 2.7 New Financing No access
    8. 2.8 Classes of Creditors No access
    9. 2.9 Approval No access
    10. 2.10 Publicity/Confidentiality No access
    11. 2.11 Special Forms of Restructuring Proceedings No access
    12. 2.12 Recognition No access
    1. 3.1 Introduction No access
    2. 3.2 Application No access
    3. 3.3 Prerequisites No access
    4. 3.4 Self-Administration/Restructuring Officer No access
    5. 3.5 Effects of the Opening of the Proceedings No access
      1. 3.6.1 Rehabilitation Project No access
      2. 3.6.2 Restructuring Plan No access
    7. 3.7 New Financing No access
    8. 3.8 Creditor Classes No access
    9. 3.9 Approval No access
    10. 3.10 Publicity/Confidentiality No access
    11. 3.11 Special Forms of Restructuring Proceedings No access
    12. 3.12 Recognition No access
    1. 4.1 Introduction No access
      1. 4.2.1 Conditions for Appointing an Ad Hoc Representative No access
      2. 4.2.2 Duration and Purpose of the Ad Hoc Representative’s Mission No access
      3. 4.2.3 The Paralysis of Contractual Clauses Reducing the Company’s Rights orTightening its Obligations No access
      4. 4.2.4 The Process and Advantages of the Ad Hoc Mandate No access
        1. 4.3.2.1 Content and Progress of the Conciliator’s Mission No access
        2. 4.3.2.2 Resources available to the Conciliator No access
          1. 4.3.3.1.1 Negotiation of the Agreement No access
          2. 4.3.3.1.2 The Consequences of the Company’s Choice between Recognition or Homologation of the Agreement No access
          3. 4.3.3.1.3 Binding force of the conciliation agreement No access
          1. 4.3.3.2.1 Failure to reach Agreement No access
          2. 4.3.3.2.2 Non-performance of the Agreement No access
          3. 4.3.3.2.3 Initiation of Collective Proceedings No access
        1. 4.3.1.1 Conditions for Initiating the Procedure No access
        2. 4.3.1.2 The Company’s Request and the President’s Order No access
        3. 4.3.1.3 The Conciliator’s Remuneration No access
        1. 4.3.2.1 Content and Progress of the Conciliator’s Mission No access
        2. 4.3.2.2 Resources available to the Conciliator No access
          1. 4.3.3.1.1 Negotiation of the Agreement No access
          2. 4.3.3.1.2 The Consequences of the Company’s Choice betweenRecognition or Homologation of the Agreement No access
          3. 4.3.3.1.3 Binding force of the conciliation agreement No access
          1. 4.3.3.2.1 Failure to reach Agreement No access
          2. 4.3.3.2.2 Non-performance of the Agreement No access
          3. 4.3.3.2.3 Initiation of Collective Proceedings No access
    1. 5.1 Introduction No access
    2. 5.2 Application No access
    3. 5.3 Prerequisites No access
    4. 5.4 Self-Administration/Restructuring Officer No access
    5. 5.5 Effects of the Opening of the Proceedings No access
    6. 5.6 Restructuring Tools/Restructuring Measures No access
    7. 5.7 New Financing No access
    8. 5.8 Creditor Classes No access
    9. 5.9 Approval No access
    10. 5.10 Publicity/Confidentiality No access
    11. 5.11 Special Forms of Restructuring Proceedings No access
    12. 5.12 Recognition No access
    1. 6.1 Introduction No access
    2. 6.2 Application No access
    3. 6.3 Prerequisites No access
    4. 6.4 Self-Administration/Restructuring Officer No access
    5. 6.5 Effects of the Opening of the Proceedings No access
      1. 6.6.1 Preparation of a Restructuring Plan No access
      2. 6.6.2 Conduct of a Judicial Plan Reconciliation Proceeding No access
      3. 6.6.3 Preliminary Judicial Review of Issues Concerning the Restructuring Plan No access
      4. 6.6.4 Court Stabilisation Order No access
    7. 6.7 New Financing No access
    8. 6.8 Classes of Creditors No access
    9. 6.9 Approval No access
    10. 6.10 Publicity /Confidentiality No access
    11. 6.11 Special Forms of Restructuring Proceedings No access
    12. 6.12 Recognition No access
    1. 7.1 Introduction No access
    2. 7.2 Application No access
    3. 7.3 Prerequisites No access
    4. 7.4 Self-Administration/Restructuring Officer No access
    5. 7.5 Effects of the Opening of the Proceedings No access
      1. 7.6.1 Out of Court Tools No access
      2. 7.6.2 In-Court Tools No access
    7. 7.7 New Financing No access
    8. 7.8 Creditor Classes No access
    9. 7.9 Approval No access
    10. 7.10 Publicity/Confidentiality No access
    11. 7.11 Special Forms of Restructuring Proceedings No access
    12. 7.12 Recognition No access
    1. 8.1 Introduction No access
    2. 8.2 Application No access
    3. 8.3 Prerequisites No access
    4. 8.4 Self-Administration/Restructuring Officer No access
    5. 8.5 Effects of the Opening of the Proceedings No access
      1. 8.6.1 Key Tool under the Dutch Scheme No access
        1. 8.6.2.1 Important Aspects No access
        2. 8.6.2.2 Ipso Facto Clauses prohibited No access
    7. 8.7 New Financing No access
    8. 8.8 Creditor Classes No access
    9. 8.9 Approval No access
    10. 8.10 Publicity/Confidentiality No access
    11. 8.11 Special Forms of Restructuring Proceedings No access
    12. 8.12 Recognition No access
    1. 9.1 Introduction No access
    2. 9.2 Application No access
    3. 9.3 Prerequisites No access
    4. 9.4 Self-Administration/Restructuring Officer No access
    5. 9.5 Effects of the Opening of the Proceedings No access
    6. 9.6 Restructuring Tools/Restructuring Measures No access
    7. 9.7 New Financing No access
    8. 9.8 Creditor Classes No access
    9. 9.9 Approval No access
    10. 9.10 Publicity/Confidentiality No access
    11. 9.11 Special forms of Restructuring Proceedings No access
    12. 9.12 Recognition No access
      1. 10.1.1 CVA No access
      2. 10.1.2 SoA No access
      3. 10.1.3 RP No access
      1. 10.2.1 CVA No access
      2. 10.2.2 SoA No access
      3. 10.2.3 RP No access
      1. 10.3.1 CVA No access
      2. 10.3.2 SoA No access
      3. 10.3.3 RP No access
      1. 10.4.1 CVA No access
      2. 10.4.2 SoA No access
      3. 10.4.3 RP No access
      1. 10.5.1 CVA No access
      2. 10.5.2 SoA No access
      3. 10.5.3 RP No access
      1. 10.6.1 CVA No access
      2. 10.6.2 SoA No access
      3. 10.6.3 RP No access
    7. 10.7 New Financing No access
      1. 10.8.1 CVA No access
      2. 10.8.2 SoA No access
      3. 10.8.3 RP No access
      1. 10.9.1 CVA No access
      2. 10.9.2 SoA No access
      3. 10.9.3 RP No access
    10. 10.10 Publicity/Confidentiality No access
    11. 10.11 Special forms of Restructuring Proceedings No access
    12. 10.12 Recognition No access
    1. 11.1 Introduction No access
    2. 11.2 Application No access
    3. 11.3 Prerequisites No access
    4. 11.4 Self-Administration/Restructuring Officer No access
    5. 11.5 Effects of the Opening of the Proceedings No access
    6. 11.6 Restructuring Tools/Restructuring Measures No access
    7. 11.7 New Financing No access
    8. 11.8 Creditor Classes No access
    9. 11.9 Approval No access
    10. 11.10 Publicity/Confidentiality No access
    11. 11.11 Special forms of Restructuring Proceedings No access
    12. 11.12 Recognition No access

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