European Union: Financial Restructuring

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Insolvency law and bankruptcy law articles, thought leadership, podcasts, videos and webinars from expert sources across the legal world. Explore insights covering topics surrounding financial restructuring, insolvency and bankruptcy.
Article
Sujeción Al Convenio Concursal De La Parte De Un Crédito Privilegiado Especial No Satisfecha Mediante La Ejecución De La Garantía
El Tribunal Supremo español ha emitido una sentencia que establece criterios sobre el tratamiento de créditos privilegiados especiales en procedimientos concursales cuando no pueden satisfacerse completamente con la realización del bien afecto. La decisión determina cómo debe aplicarse la quita acordada en convenio a la porción no satisfecha de estos créditos una vez clasificados como ordinarios.
Spain Insolvency
Gómez-Acebo & Pombo
Article
Case Note: Hunkemöller LME Dispute Tests The New Dutch Discovery Framework
An Amsterdam District Court recently rejected investment funds' attempts to obtain documents and examine directors in connection with Hunkemöller's restructuring, marking the first Dutch judgment on allegations arising from a Liability Management Exercise. The funds claimed they were disadvantaged by an up-tiering transaction but failed to sufficiently substantiate their claims of unlawful conduct.
Netherlands Insolvency
LL
Loyens & Loeff
Article
Bankruptcy Of Hortilux, Agrilight And AP Nederland B.V.
Stefan van Wijk of BUREN has been appointed administrator following the bankruptcy of six Dutch companies operating under the Hortilux and Agrilight brands, which manufacture lighting installations for greenhouse horticulture and livestock housing. With over ten parties already expressing interest and intensive restart efforts underway, the administrator is preparing an information memorandum to facilitate potential acquisitions while maintaining operations in the interim.
Netherlands Insolvency
B
Buren
Article
Auctions: Bank REOs Under Judicial Scrutiny
Greek courts are increasingly ruling that real estate acquisitions at auction by REO companies affiliated with loan servicers constitute an unlawful circumvention of statutory prohibitions. Recent judgments from the Western Macedonia Court of Appeal and Athens Court of First Instance have found that these arrangements allow servicers to maintain economic control while formally separating legal entities, depriving debtors of fair settlement opportunities and enabling below-market acquisitions.
Greece Finance
PK
Psarakis & Kefalas Law Firm
Article
The European Pre-pack: Safeguarding Value Beyond Liquidation
The European Union's Directive (EU) 2026/799 introduces the pre-pack procedure to address the longstanding fragmentation of national insolvency laws across Europe, aiming to preserve viable businesses that would otherwise be dismantled due to timing mismatches between corporate crises and market reactions. This two-stage mechanism promises to reduce legal uncertainty and stabilize the EU single market, but raises critical questions about moral hazard, confidentiality, and the corporate governance structures
Italy Insolvency
GGI Global Alliance
Article
Incongruent Coverage (Section 131 Inso) – When Payments Made Under Pressure Backfire
German insolvency law's principle of equal creditor treatment faces a critical challenge through Section 131 of the Insolvency Code, which addresses "incongruent coverage" - situations where creditors receive security or satisfaction they weren't entitled to receive, or not in that form or timing. The practical stakes are substantial: within the last month before insolvency filing, objective incongruence alone suffices for avoidance actions, with no requirement to prove the creditor's knowledge of the debto
Germany Insolvency
MB
Mayer Brown
Article
ESG Als Refinanzierungsvoraussetzung: Rechtliche Konsequenzen Für Sanierung Und Unternehmensfinanzierung
Sustainability criteria have evolved from voluntary commitments to critical factors in corporate financing. Companies seeking refinancing during crisis must now not only address operational and financial challenges but also credibly demonstrate ESG transformation, navigating potential deal-breakers, restructuring concept requirements, and greenwashing liability risks.
Germany Insolvency
PL
PwC Legal Germany
Article
International Restructuring Through Ireland – Examinership
Ireland's examinership process provides a unique corporate rescue mechanism for international restructuring, offering automatic EU recognition, worldwide creditor moratorium, and cross-class cram down capabilities. This comprehensive guide examines how non-Irish companies can leverage examinership for complex cross-border restructurings, featuring case studies of major transactions including Norwegian Air, Mallinckrodt plc, and Weatherford, with comparative analysis against UK and US restructuring framework
Ireland Insolvency
WF
William Fry
Article
The Acquirer Concept – An Option For Acquisitions Out Of Insolvency
The acquisition of assets or business operations out of insolvency proceedings presents distinct legal challenges under German law, particularly regarding the automatic transfer of employment relationships. The "acquirer concept" (Erwerberkonzept) offers a legally reliable solution that enables workforce restructuring while avoiding prohibited terminations based solely on the transfer of operations.
Germany Insolvency
MB
Mayer Brown
Article
The 72-Instalment Debt Settlement Scheme For Debts Owed To The AADE And E-EFKA And Its Comparison With The Out-of-Court Debt Settlement Workout
A draft bill introduces a new 72-instalment settlement scheme for debts owed to Greece's AADE and e-EFKA, covering overdue obligations from before December 2023. This article examines the eligibility criteria, interest rates, and enforcement suspensions under the new scheme, while comparing its advantages and limitations against the existing out-of-court debt settlement mechanism to help debtors determine the most suitable restructuring option.
Greece Insolvency
PK
Psarakis & Kefalas Law Firm
Article
"Cram Down" – Cross-Class Plan Approval In Insolvency Proceedings
Pre-insolvency restructurings can fail when individual creditors block viable solutions to negotiate better outcomes. The insolvency plan's cram-down mechanism enables court confirmation despite dissenting votes, provided dissenting groups receive legal protection and aren't unduly disadvantaged. Understanding cram-down logic helps stakeholders assess restructuring options and risks before insolvency occurs.
Germany Insolvency
MB
Mayer Brown
Article
The Qualified Subordination Declaration – Opportunities And Risks
Shareholder loans serve as vital financing tools for German Mittelstand companies, but they can trigger insolvency obligations when financial difficulties arise. A qualified subordination (qualifizierter Rangrücktritt) offers a solution by converting these loans into liable capital, yet the Federal Court of Justice has established strict substantive requirements that must be met to achieve the desired legal and tax effects.
Germany Insolvency
MB
Mayer Brown
Article
Knowledge Nuggets — Insolvency & Restructuring
Mayer Brown's "Knowledge Nuggets – Insolvency & Restructuring" series delivers concise, actionable insights into critical insolvency law topics. From recognizing warning signs of insolvency and managing director liability to safeguarding supply chains through direct payment arrangements, these resources help legal and business professionals navigate complex restructuring scenarios with clarity and confidence.
Germany Insolvency
MB
Mayer Brown
Article
Knowledge Nugget - Recognizing Insolvency – Key Warning Signs And Recommendations For Managing Directors
Managing directors of German companies face strict personal liability if they fail to recognize and act upon insolvency warning signs. This analysis examines the legal framework under German insolvency law, identifies critical operational and financial indicators that signal impending illiquidity or over-indebtedness, and provides actionable recommendations for compliance with mandatory filing obligations.
Germany Insolvency
MB
Mayer Brown
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