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Through the EU Directive on Restructuring and Insolvency of 20 June 2019 (EUR 2019/1023, “Directive“), the European Union has imposed an obligation on its member states to offer a more attractive and flexible restructuring scheme in their respective local law. The initial deadline to do so had been 17 July 2021. Only a handful of countries (most notably Germany and The Netherlands) had implemented the Directive within the initial deadline, whilst the other countries made use of the possibility to ask for a one year extension.

In April 2021, we published an overview of the status of implementation as the initial deadline approached (please see our newsletter here). In the last year, a number of additional countries have proceeded with implementation. This newsletter provides an update in key jurisdictions.

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Hector Arroyo is a partner in the Firm's Restructuring & Insolvency Group in Paris. He is experienced in financial restructuring, insolvency and distressed M&A, including in a multi-jurisdictional context. Hector focuses on advising international creditors, such as foreign banks, private equity funds and hedge funds and also debtors in complex restructurings. His practice also encompasses acting for institutions investing in distressed situations. Hector Arroyo is Founder and Honorary President of the Association des Jeunes Professionnels du Restructuring (AJR), and a member of the Association pour le Retournement des Entreprises (ARE). He was previously a partner at Bremond & Associés, where he practiced for 10 years.

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Karol Czepukojć co-heads the Restructuring & Insolvency practice group in Warsaw and also serves as a member of the Mergers & Acquisitions, Dispute Resolution and Arbitration practice groups. He holds an Attorney-at-law's qualification and Restructuring adviser's license. Karol joined Baker McKenzie in August 2020. Before joining the Firm, he was associated with a renowned domestic law firm, Wardyński & Partners, for 13 years. Karol speaks at conferences, trainings and webinars on international and local court restructuring and insolvency matters. He has authored or co-authored a number of publications related to his field. He is also a member of well-known international and local associations of restructuring and insolvency practitioners, and is actively engaged in pro bono activities.

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Alberto M. Fornari is a Partner in Baker McKenzie Milan office.

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Joachim Ponseck has ten years of work experience in restructuring and insolvency law. He started his career in the R&I team of a magic circle law firm where he held the position of counsel before joining Baker McKenzie as a partner in 2021. With a very international focus during his studies and his career, Joachim advises clients worldwide in relation to issues related to German and European insolvency law.

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Prof. Dr. Artur M. Swierczok joined Baker McKenzie as Counsel in 2021 and works in the area of Restructuring and Insolvency. Prior to that, he worked for two international law firms in Frankfurt. Artur studied law at the University of Tuebingen, where he also earned his doctor's degree in law. He further received an LL.M. in Corporate Law from University College London (UCL) and a MSt. in Legal Research from the University of Oxford. Artur was admitted to the German bar in 2015. Artur is a Professor for Law at the University of Applied Science IU Internationale Hochschule and has authored numerous publications on restructuring and insolvency law.

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Jean-François Trapp is a partner in the Real Estate team of the Baker McKenzie Luxembourg office. He has more than 20 years' experience in Luxembourg law. Prior to joining the Firm, he was a partner in a Luxembourg law firm where he headed the Real Estate department and co-led the Banking & Finance department. In 2007, he co-founded the Luxembourg law firm Roemers Trapp Pautot, a niche firm focusing on the real estate, real assets and infrastructure sectors.

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Priyanka Usmani is a partner in Baker & McKenzie’s Banking & Finance Department based in London. Priyanka predominantly acts on restructuring and insolvency matters, often with multijurisdictional aspects, representing a range of clients both on the debtor side (acting for companies and financial sponsors) and on the creditor side (acting for institutional lenders and funds). Priyanka has also spent time on secondment within the restructuring team at a leading UK clearing bank.

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Dr. Robert Wippel is a counsel in the banking and finance team of the Vienna office and specializes in banking law and financing transactions. He advises lenders, borrowers and sponsors with respect to all types of financing transactions including project-, acquisition- and real estate financing. Robert also has a strong knowledge and track record in structured financing as well as regulatory matters. Robert started his career 2011 as a banking associate in the Vienna office of a Magic Circle firm and joined Baker McKenzie in 2019.

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José luis Yus is a partner in the Litigation department in Madrid has considerable experience in restructuring & insolvency procedures. José luis began his professional activity as a member of the Inspection Office of Credit and Savings Institutions of the Bank of Spain, holding more than 30 years of experience as a lawyer leading R&I departments in national and international law firms. As insolvency administrator, he has been appointed in more than sixty procedures, and has participated in numerous processes of sale of production units in insolvency proceedings. Likewise he has represented the interests of several financial entities in many insolvency proceedings, which has allowed him to have an in-depth knowledge of insolvency proceedings of all types, complexity and size.

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