The draft directive, presented in November 2016, establishing a single legal framework to deal with the insolvency of businesses (see EUROPE 11673) still has a long way to go before it is adopted. That is what came out of the discussions of EU justice ministers on Friday 8 December after they were asked to give their views on three key principles of the proposal: the viability of the debtor, cross-class cram-down and second chance for honest entrepreneurs.
After the meeting, Justice...