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Clifford Chance

Clifford Chance


A Guide to Restructuring and Insolvency Procedures in Europe

8 July 2019

We are delighted to publish an updated version of our Guide to restructuring and insolvency procedures in Europe. The Guide is designed to provide you with an overview of the relevant law in the diverse legal systems that operate across Europe. It will assist in ensuring that transactions (whether being originated or restructured or enforced) are structured in a way that maximises returns whilst minimising risks and exposures.


This Guide captures all the latest reforms, providing you with the most up to date position. In keeping with previous editions, the guide aims to assist you when assessing credit risk and the potential impact of restructuring and insolvency procedures on realising security or seeking to rely upon pre-insolvency rights. At the start of the guide we have included a summary table that compares the restructuring and insolvency trends taking place in each of the jurisdictions, including the impact of local stays, the ability to cram down dissenting creditors, the position of management, and mandatory time limits imposed in some jurisdictions to file for insolvency.

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