The results of the project, which can be downloaded here, were approved by ELI bodies in 2017. The project sought to design (elements of) a legal framework that will enable the further development of coherent and functional rules for business rescue in Europe. This includes certain statutory procedures that could better enable parties to negotiate solutions where a business becomes financially distressed. Such a framework also includes rules to determine procedures and conditions under which an enforceable solution can be imposed upon creditors and other stakeholders despite their lack of consent.

The initial ELI Report was timely in light of the European Commission’s efforts on approximating business rescue laws resulting in the EU Directive on Restructuring and Insolvency Law (2019/1023). It is with pride that we observe that the ELI Report was expressly cited in Commission documents leading to the drafting of the Directive.

Further, national governments have already expressed their interest in the Report’s recommendations. UK legislative tools to improve rescue opportunities for financially distressed companies, for example, refer explicitly to the discussion about the so-called ‘absolute priority rule’ versus ‘relative priority rule’, elaborated on in the ELI Instrument: yet another example that ELI outputs are of immediate practical utility.

More  recently, the Report was referred to in the Executive Statement of the Conference on European Restructuring and Insolvency Law on COVID-19 in which certain steps are recommended to be taken by governments to prevent the unnecessary bankruptcies of entrepreneurs.

ELI members can purchase the book for personal use at 70% of the UK recommended retail price. In order to obtain such a discount, please order the book directly from OUP by sending an e-mail to Imogen.Hill@oup.com.