The Financial Crisis Ten Years On: Creditors’ Protection in Insolvency Law

Abstract

Ten years on after the financial crisis, we are still experiencing globally financial instability which, even if not the same as before, affects the protection of the creditors as it has generated a sharp shift in public discourse and a wide regulatory interest. In the US federal bankruptcy system as well as in the laws of various jurisdictions in Europe, the debate continues on how to better address the needs of the present, on how to optimally design bankruptcy laws and on how to better shape the policies of the future. Resulting from the above are the various economic challenges facing both the US and the EU, especially in connection with creditors’ protection. As governments worldwide tackle the issue of optimal restructure of corporate and insolvency law, we critically discuss the position in relation to the creditors’ protection under the legal regimes of the US, Germany, Greece and Croatia.