Insolvency of Significant Non-Financial Enterprises: Lessons from Bank Failures and Bank Resolution

In the aftermath of global financial crisis EU bank resolution regime went through fundamental changes that seek to preserve stability and ensure continuity critical functions. The same cannot be said insolvency rules applicable non-financial enterprises. Unlike with its macroprudential proactive focus, law has largely remained microprudential reactive. Admittedly, unlike failures, corporate insolvencies usually do not pose systemic risk. However, in practice this may hold true for significant enterprises (SNFEs). Such oftentimes play a major role national economies serve important public Their failure trigger contagion cause disruptive consequences. Insofar as SNFEs raises concerns common question arises whether certain strategies tools embraced within recovery framework should extended regulate SNFE insolvency. This article explores feasibility such an extension. Bank resolution, insolvency, enterprises, enterprise groups, Carillion, early intervention, planning, living wills, interest, risk,