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Artur Swierczok

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.

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.

All 27 EU member states must implement the European Restructuring Directive of 20 June 2019 by 17 July 2021. The Directive was in part a reaction to the phenomenon observed with continental European companies in a financial crisis to restructure their debt under an English Scheme of Arrangement. The Scheme of Arrangement, which is not an insolvency process, offers the possibility to implement a debt restructuring on the basis of a majority decision by the creditors. Under these rules, a single “hold-out” creditor is unable to block a reasonable restructuring plan if the majority of creditors approves it.