A guide to pre-insolvency and insolvency proceedings across Europe

Different restructuring and insolvency regimes in the 27 EU member states create legal uncertainty and place high demands on stakeholders in terms of obtaining information, but also in terms of conducting or participating in restructuring and/or insolvency proceedings. The fragmentation of restructuring and insolvency law in Europe is also an important consideration for investors or lenders when determining the level of risk premium they expect on an investment: the lower the efficiency of the restructuring or insolvency regime in question, then all other things being equal, the higher investors will set the risk premium and, in the case of a particularly high risk, discourage investors from lending altogether. This in turn limits the choice of financing options available to corporates and, more generally, limits their ability to raise affordable finance to expand their businesses.

It is therefore of paramount importance to understand the key features of the different European restructuring and insolvency regimes and thus the possibilities for a successful turnaround.

Learn more about the (pre-)insolvency legal framework in 23 European jurisdictions. Our Deloitte guide "A guide to pre-insolvency and insolvency proceedings across Europe" provides valuable insights into recent reforms and key insolvency regimes across Europe, as well as practical solutions for companies of all sizes. Our Deloitte Legal restructuring experts Frank Tschentscher and Marcus Spangenberg provide an overview of the relevant regulations in Germany.

Published July 2023