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New Study on Consumer Protection and Financial Distress

posted by Jason Kilborn

Shutterstock_115002976The European Commission's Financial Services Users Group has published an impressive report and a position paper on financial distress and consumer protection, written by a Euro-think tank called London Economics. The title is a real mouthful: Study on means to protect consumers in financial difficulty: Personal bankruptcy, datio in solutum of mortgages, and restrictions on debt collection abusive practices. The paper does an admirable job of surveying the legal landscape of 18 European countries, concluding with some well-considered "best practices." This paper is a nice addition to the already impressive body of work in Europe analyzing existing legal regimes for treating consumer financial distress and identifying strenghts and weaknesses in their varying approaches. It is highly recommended reading for anyone interested in consumer policy, especially with respect to appropriate solutions to financial distress.

European Union image courtesy of Shutterstock.

Comments

In case you are interested, there was an article in the Weekend edition of the Wall Street Journal on recent chapter-11-like reorganizations in Spain and Italy. It's gated so I won't bother to link, but I am sure your library has a hard copy.

Thanks, mt! Weil has a new blog focusing on European restructuring, too, at http://eurorestructuring.weil.com/. I'll try to put up some posts on comparative business bankrutpcy, as well, so thanks for the heads-up!

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