EU-Commission as an unlikely icebreaker for pre-insolvency restructurings?

On 30 September 2015, the EU-Commission issued an action plan for the “realization of a capital markets union”. Therein, the Commission announces the presentation of a “legislative initiative” for the last quarter of 2016 which shall include the EU-wide implementation of “early restructuring procedures”. This initiative might present an ice-breaker for the German debate over a “pre-insolvency restructuring procedure” which has been stalled since 2011 after the ESUG.