Preventive Restructuring Terminology
Chapter 2 of this Report sets out commonly used terms (in English) but also explores some of the discrepancies in the meaning of some terms that are used by several jurisdictions, but at times have slightly (or in some cases) significantly different meanings. The starting point for most of the terms in this Chapter is how they are defined in European law, mainly under the Preventive Restructuring Directive and the EIR Recast. All contributors were asked to give their own impressions of these terms if they were different from what was already set out as well as any jurisdiction specific terms that needed definition. The purpose of this Chapter is to try to dispel some of the confusion about commonly used, but sometimes differently understood, insolvency, rescue, and (preventive) restructuring terms.