1
Q
Commissions recommendations of minimum standards, they should facilitate the debtor to:
A
- Restructure at an early stage
To continue business ou of court - Keep control over day-to-day operation of its business
Only if necessary there should be a supervisor - Request a temporary stay of individual enforcement actions
Relate to all creditors (secured and preferential, no more than 4 months and included renewal not more than 12 months) - Adopt a restructuting plan, also on dissenting creditors
- Accept new financing for the implementation of a restructuring plan
- Resolve financial distress by employing out-of-court procedures.
2
Q
Barriers to succesful European harmonisation of insolvency law
A
- The great differences between the insolvency laws of member states
- The embeddedness of insolvency law in other fiels of law
- The interrelatedness of European insolvency law with other EU law and international norms
Harmonisation not only requires the national laws to be brought in line, but also consistency with the body of EU law and with international norms.
