MSMEs IN DISTRESS: REGULATORY COSTS AND EFFICIENCY CONSIDERATIONS IN THE IMPLEMENTATION OF PREVENTIVE RESTRUCTURING MECHANISMS: AN ANGLO-GERMAN-ITALIAN PERSPECTIVE.

Micro-, small- and medium-sized enterprises (MSMEs) are the backbone of modern economies. MSMEs struggle to make the most of existing insolvency and restructuring tools, because their owners and directors often lack the knowledge, expertise and funding to navigate the legal tools available to companies in financial distress. This article analyses recommendations stemming from reputable international organisations, as well as the academic debate in the area, to identify whether there is general consensus in favour of an efficient and MSME-friendly insolvency framework being implemented at the national level. The purpose of this research is to assess whether the states considered in this study (Italy, Germany and the United Kingdom) should introduce MSME-specific rules, or alternatively amend existing rules, to comply with these recommendations. [ABSTRACT FROM AUTHOR]