The financial crisis of 2008 affected the economic players more than ever, with the winding-up of a large number of financial institutions worldwide. Due to the specialisation of banks among other legal entities, insolvency is a scenario to be avoided, with restructuring being the more favourable solution.
The EU established a framework for the recovery and resolution of financial institutions in economic distress by introducing the Bank Recovery and Resolution Directive (BRRD). Even if in a number of cases the Member States were able to intervene in time with the help of the BRRD, sometimes the worst-case scenario of insolvency is inevitable.