(March 20, 2012, Weil News)
Members of Weil's Restructuring practice in London, Munich, Paris and New York have collaborated on a guide comparing the restructuring procedures in each of England, France and Germany with chapter 11 of the US Bankruptcy Code.
A pdf of Weil's Comparative Guide to Restructuring Practices
is available here
and it is also available on the firm's Bankruptcy Blog
Using US chapter 11 as a reference point, the Comparative Guide to Restructuring Practices
has separate sections for each of the three countries. The section on English law covers schemes of arrangement as well as administrations and voluntary arrangements; the French law section focuses largely on sauvegarde
proceedings and the judicial administration procedure ‘redressement judiciaire,’
as well as commentary on the Accelerated Financial Sauvegarde Procedure implemented in March 2011; and the German section includes commentary on important changes to German restructuring procedures known as the ‘Gesetz zur weiteren Erleichterung der Sanierung von Unternehmen,’
commonly known as the ESUG reform, which took effect on 1 March 2012. In addition, the Guide includes a short section in European Insolvency Regulation set forth by the European Union.