The rules on the conclusion of contracts are at the core of contract law. This article aims not only to describe these rules contained in Book II of the academic Draft Common Frame of Reference (DCFR) but also to illustrate the underlying values and policies. The DCFR severely restricts...

What are the implications of artificial intelligence (AI) for corporate law? In this essay, we consider the trajectory of AI's evolution, analyze the effects of its application on business practice, and investigate the impact of these developments for corporate law. Overall, we claim that the...

Two events are currently changing the landscape for business restructurings in the European Union: the “Restructuring Recommendation” (RR) of the European Commission, issued in 2014, and the 2015 recast of the European Insolvency Regulation (EIR). In this paper, we critically review the RR...

The European Commission has proposed a directive on ‘preventive restructuring frameworks' for financially distressed firms. I demonstrate that the proposal is flawed because it creates a refuge for failing firms that should be liquidated, because it rules out going concern sales for viable...

The United Kingdom will leave the European Union. Brexit will involve many complex negotiations. This paper analyses the negotiation position of the parties (UK, EU, Member States) based on a set of four key negotiation factors: agreement options, non-agreement alternatives, interests, and...

This chapter deals with fundamental issues of corporate insolvency law. Particular attention is paid to the agency problems related to “bankruptcy governance” and how these are addressed in various jurisdictions. Methodologically, the chapter is based on a functional approach that compares...

German Abstract: Am 12.3.2014 publizierte die EU-Kommission eine Empfehlung für einen neuen Ansatz im Umgang mit unternehmerischem Scheitern und Unternehmensinsolvenzen (C(2014) 1500 final). Der vorliegende Aufsatz setzt sich kritisch mit dieser Empfehlung auseinander. Eine Harmonisierung der...

In this essay, we propose a principled approach for government bailouts of critical/systemic firms who find themselves in COVID-19-induced financial distress. We also demonstrate why bankruptcy is the wrong tool to address the problems of these types of firms. The current pandemic threatens...

German Abstract: Die Zahl strategischer Insolvenzen, also von freiwillig eingeleiteten Insolvenzverfahren zur planvollen Erreichung eines bestimmten wirtschaftlichen Ziels, nimmt weltweit stark zu. Der Beitrag analysiert auf rechtsvergleichender und interdisziplinärer (Recht/Ökonomik)...

Two prominent progressive senators, Bernie Sanders and Elizabeth Warren, have recently proposed that employees should be allowed to elect 40 to 45 percent of the directors of large corporations. If implemented, such a reform would bring U.S. corporate law substantially closer to European...