The European Restructuring Directive is Europe's answer to Chapter 11 of the US Bankruptcy Code. Under the Directive, debtors will have access to early warning tools that enable them to detect a deteriorating business and this should lead to more restructurings at an early stage. The debtor will benefit from a time-limited ‘breathing space’ from enforcement action in order to facilitate negotiations on a restructuring plan. This article analyses in critical detail the stay or moratorium on actions against the debtor during the restructuring process. The stay is a fundamental part of the Directive. The paper highlights the importance of the stay and locates the stay in the context of the Directive and also in the light of the international parallels found in the US Bankruptcy Code and the UNCITRAL Legislative Guide on Insolvency Law.

中文翻译：

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欧洲重组指令和债权人强制执行行动

欧洲重组指令是欧洲对美国破产法第 11 章的回应。根据该指令，债务人将能够使用预警工具，使他们能够发现恶化的业务，这应该会导致在早期进行更多的重组。债务人将受益于执法行动的限时“喘息空间”，以促进重组计划的谈判。本文详细分析了重组过程中对债务人采取行动的中止或暂停。中止是指令的基本组成部分。该文件强调了中止的重要性，并将中止置于指令的背景下，并参照美国《破产法》和《贸易法委员会破产法立法指南》中的国际相似之处。