Pre-insolvency moratoria – a legal comparison

Abstract

In transformation of the EU Directive on restructuring and insolvency, some Member States have adopted new laws on preinsolvency restructuring, including norms on a moratorium (or stay). Similarly, the United Kingdom has updated its restructuring and insolvency tool box. The present article introduces the relevant rules in Dutch (“WHOA”), English (“CIGA”), and German law (“StaRUG”). It presents the details of moratoria under these three statutes and describes differences as well as advantages and disadvantages.