Rescue of Business in Insolvency Law (6 September 2017)

The first plenary session was devoted to the ‘Rescue of Business in Insolvency Law’ Project, where Project Members presented the eponymously entitled draft ELI Instrument. The output of this flagship ELI Project was voted upon by the ELI Council and ELI General Assembly and was approved by an overwhelming majority of voters.

The aim of the Project was to design (elements of) a legal framework that will enable the further development of coherent and functional rules for business rescue in Europe. In the words of Prof Wessels, ‘the ELI Business Rescue Report aims to invigorate current thinking on corporate business rescue. As Europe stands at the doorstep of approximating existing insolvency and restructuring laws, this Report puts forward recommendations to pursue a coherent system for the benefit of all involved stakeholders.’ 

The approved Instrument can be found here. A short report and explanation on the Project’s background and aims, as well as an overview of the results can also be found here.