THE POSITION OF DIRECTORS FACING FINANCIAL DISTRESS FROM A CROSS-BORDER PERSPECTIVE

EU Directive No. 2019/1023 on preventive restructuring frameworks (“Directive”) focuses on alternatives to insolvency liquidation when European companies are facing financial distress as well as on providing early warning to prevent insolvency proceedings and instead preserve businesses as going concerns.

We take a look at the Directive from a cross-border perspective, with a view to coordinating actions by the directors of a group of companies which we would assume to operate in the three ADVANT jurisdictions: France, Germany and Italy.