Cramped by cramdowns: national hurdles for EU insolvency plan
Proposal to harmonise rules on debt stays and holdout creditors touches on sensitive issues
The Council of the European Union is seeking a political compromise on an unprecedented attempt to harmonise insolvency rules in the 28 member states – a “very, very controversial” proposal, according to one lobbyist, which holds the promise of a partial solution to Europe’s bad loan problem, but already has some industry observers worrying about an erosion of creditors’ rights.
The draft text of
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