Creditor cram-down in EU Directive 2019/1023 on preventive restructuring frameworks and its transposition into spanish pre-bankruptcy Law

  • Miguel Martínez Muñoz Universidad Pontificia Comillas ICAI-ICADE, Spain
DOI: https://doi.org/10.18543/ced.2370
Keywords: intra-class cram-down, cross-class cram-down, best interest of creditors test, absolute priority rule, valuation

Abstract

The cram-down of creditors constitutes a very effective mechanism to achieve a forced restructuring of the debt and thus avoid insolvency proceedings. The EU Directive 2019/1023 contemplates, in addition to the traditional intra-class cram-down, the cross-class cram-down similar to other Anglo-Saxon legal systems, which poses certain novelties in the Spanish practice. Therefore, it is necessary to carry out a study of the institution and analyze the different elements that make up the cram-down in order to observe how the European guidelines have been reflected in the Draft Bill for the Reform of the Insolvency Law in order to detect inefficiencies or even possible problems.

Received: 13 December 2021
Accepted: 01 February 2022

Downloads

Download data is not yet available.

Author Biography

Miguel Martínez Muñoz, Universidad Pontificia Comillas ICAI-ICADE, Spain

Holds a degree in Law and in Business Administration and Management from Universidad Pontificia Comillas. Master in Research in Legal Sciences and Doctor in Law, with European Mention, since 2017. Professor of Commercial Law at Universidad Pon­tificia Comillas since 2016, teaching different undergraduate and postgra­duate subjects related to the discipline in the Faculties of Law and Business, as well as in the School of Engineering. Since 2021 he is the coordinator of the Postgraduate Course Specialist in Air and Space Law and Head of Studies of the double degrees Law and Business Ad­mi­nistration and Management and Law and Business Analytics. Since 2018 he coordinates the Uría Menéndez-ICADE Chair in Market Regulation and is the author of several publications (monographs, collective books and articles in specialized journals) in the fields of Corporate Law, Bankruptcy Law and Transport Law.

Published
2022-05-23
How to Cite
Martínez Muñoz, Miguel. 2022. “Creditor Cram-down in EU Directive 2019/1023 on Preventive Restructuring Frameworks and Its Transposition into Spanish Pre-Bankruptcy Law”. Deusto Journal of European Studies, no. 66 (May), 133-62. https://doi.org/10.18543/ced.2370.
Issue
No. 66 (2022)
Section
Articles

The author grants to the Publisher the distribution, public communication, and reproduction rights of her/his work subject of publication in Deusto Journal of European Studies (DJES), whichever the media may be, including the permission to include it in the databases where this Journal is indexed and in the institutional repository of the Universidad de Deusto.

Upon its publication, the content of any Issue of Deusto Journal of European Studies (DJES) can be accessed, read, downloaded, copies, and distributed freely for non-commercial purposes and in accordance with any applicable copyright legislation.

The content of Deusto Journal of European Studies (DJES) can be subsequently published in other media or journals, as long as the author clearly indicates in the first footnote that the work was published in Deusto Journal of European Studies (DJES) for the first time, indicating the Issue number, year, pages, and DOI (if applicable). Any other use of its content in any medium or format, now known or developed in the future, requires prior written permission of the copyright holder.

The content of the work published in Deusto Journal of European Studies (DJES) is each author's sole responsibility. The authors assume the responsibility of obtaining all the necessary licenses for the reproduction in their manuscripts of any text, material or illustration coming from another author, institution or publication. The liabilities that may arise from complaints for publishing plagiarised articles are the sole responsibility of the author.