Reporters’ Preface

Abstract

Extract We are pleased to present our ELI Business Rescue Instrument. It contains 115 recommendations on a wide variety of themes affected by the rescue of financially distressed businesses: the legal rules for professions and courts, contract law, treatment and ranking of creditors' claims, labour law, laws relating to transaction avoidance, and corporate law, all focused on business rescue, including specifying specific rules for MSMEs (Micro, Small, and Medium sized businesses). These recommendations flow from our analysis of a selection of national laws with regard to restructuring and insolvency, from a considerable volume of work that has been carried out in this field by organisations such as the United Nations Committee on International Trade Law (UNCITRAL) and the World Bank, and from our own study and research of a vast amount of recent legal literature. For convenience of reference, the complete texts of our recommendations are set out in the front of this Instrument. Thereafter we provide, divided in ten chapters, our detailed analysis and references per chapter, pertaining to the recommendations.

Authors 2

1. Bob Wessels Aachen

   Leiden University

   Affiliation as printed

   University of Leiden, The Netherlands Emeritus Professor of International Insolvency Law,

2. Stephan Madaus

   Martin Luther University Halle-Wittenberg

   Affiliation as printed

   Civil Procedure and Insolvency Law, Martin Luther University Halle-Wittenberg, Germany Professor of Civil Law,