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5 for the roadNavigating Insolvency and Bankruptcy Issues in the EU:German, French, UK and American PerspectivesFrédéric CohenCOURTOIS LEBEL, Paris, Francefcohen@courtois-lebel.comJohn SykesCHARLES RUSSELL, LLP,London, EnglandJohn.Sykes@crsblaw.comMarcello Di StefanoTIEFENBACHER, Heidelberg, GermanyDiStefano@tiefenbacher.deJohn A. RobertsSEMMES, BOWEN & SEMMES, P.C.,Baltimore, Marylandjaroberts@semmes.com1. The 28 members of the European Union (EU) all have their own insolvency laws,and they are all different than the U.S. Bankruptcy Code.2. The proper forum for cross-border insolvency cases is governed by the EURegulation on Insolvency, which applies only to companies whose “centre ofmain interests” (COMI) is within the EU.3. Although the German insolvency law is not as debtor-friendly as U.S. bankruptcylaw, recent reforms to the German law promote corporate restructuring, and arestrongly inspired by the U.S. Bankruptcy Code.4. French insolvency law is more debtor-friendly, and has also recently developedvarious procedures that promote the restructuring of companies before theyactually become insolvent and, thus, avoid the opening of insolvencyproceedings.5. English insolvency law is often seen as being so much more debtor-friendly thattroubled companies in recent years have attempted to move their COMI toEngland in order to take advantage of the re-vamped Administration rescueprocess, the ability to effect a “pre-packaged” disposal of an insolvent business,and less onerous employment laws.March 5, 2015© 3-5-2015 ALFA International