Business crisis in Europe: Andersen’s analysis of the legal solutions adopted by various countries
Professionals from the Andersen European working team Restructuring & Insolvency, including the Italian Partners Stefano Uglietti and Natascia Alesiani, have compiled a guide with an overview of the legal solutions adopted by some European countries in response to the Covid-19 pandemic in the context of insolvency and restructuring procedures.
The guide explores the following aspects:
- Suspension of procedural deadlines in insolvency and restructuring cases
- Date and conditions of initiating insolvency and restructuring procedures
- Simplified restructuring procedures.
The comparative analysis of the European states revealed different strategies to handle the new situation imposed by the pandemic.
In particular, several countries have qualified insolvency and restructuring cases as urgent; many governments modified conditions and suspended deadlines to apply for a declaration of bankruptcy or to initiate a restructuring procedure. In very few countries, simplified/special restructuring procedures have been implemented with the aim of tackling case overload in insolvency and restructuring cases or new laws were introduced.
To download the full guide, please click on this link.