JCOERE’s Perspective on European Integration and the Scope of Mutual Trust and Cooperation between Courts : Testing Fairness

The PRD has introduced a number of concepts that are new and untested throughout much of the EU. While the concepts themselves are not unfamiliar, many of the new provisions have created a field of controversy and debate among academics, practitioners, and policy makers as legislators begin to work toward implementation of the Directive. The PRD has created fertile ground for these debates because there are so many alternatives available within the legislative framework. Consequently, implementing legislation may generate different variations on the approach to corporate rescue and is not expected to yield a harmonised European approach to preventive restructuring. These differences may also create obstacles, both substantive and procedural in nature, to the coordination of cross-border preventive restructuring procedures among Member State courts. It is in this issue of court-to-court cooperation (enhanced under the EIR Recast), which has been the focus of the JCOERE Project. Among the many issues that arise in the context of restructuring, the assessment of restructuring plan fairness has been a key area of conflict