Since the global financial crisis, the topic of business rescue ranks top on the insolvency law related agenda of both the EU and national legislators faced by a rapid growth of insolvencies, which highlighted the importance of efficient mechanisms for dealing with financially distressed, but viable business. For the ELI (European Law Institute), this fueled the momentum to launch an in-depth project on furthering the rescue of such businesses across Europe.
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. The Project had a broad scope, and extended to consider frameworks that can be used by (non-financial) businesses out of court, and in a pre-insolvency context. The approved (on 6 September 2017) Instrument can be found here.