Protocols in the Restructuring of Groups of Companies

The principle “one estate, one insolvency procedure” informs EIR 2015/848 with regard to the insolvency of the members of a group of companies. However, it leads to a fragmented treatment of insolvency within the group. This principle, which respects the separate legal personality of the members of a group, can, however, destroy the synergies that exist between them. This work highlights the value of cooperation as an alternative to the unified treatment of insolvency within a group of companies to provide an efficient solution to insolvency. Moreover, insolvency protocols are shown as a relevant instrument through which cooperation between insolvency practitioners of the different proceedings - or, where appropriate, debtors in possession - is articulated for each particular case, in order to find a solution that maximizes the value existing in the group in the interest of the creditors of different companies.