Corporate Insolvency Laws in Selected Jurisdictions: US, England, France, and Germany—A Comparative Perspective

This article examines key aspects of corporate insolvency law. The main research jurisdictions are the US, England, France, and Germany. This study adopts a functional approach that compares different legal regimes of corporate insolvency law in light of the legislative changes related to the EU directive (EU) 2019/1023. This directive, to some extent, triggered a paradigm shift, leading to varying degrees of reform across all EU member states and even influencing non-EU jurisdictions. This article is structured into four parts. The introduction provides an overview of corporate insolvency laws. The second part focuses on directive (EU) 2019/1023 on preventive restructuring frameworks, which considers the requirements regarding the classes of creditors and the related procedures. The third section examines the differences and similarities in the conceptual framework of the corporate insolvency law in the selected jurisdictions, with particular emphasis on their approach—whether creditor-friendly or debtor-friendly—and their bankruptcy procedures. Finally, the last section highlights jurisdictional divergences. This article contributes to the understanding of corporate insolvency law as a complex international issue by comparing national approaches and offering legal recommendations.