European Preventive Restructuring

Paulus
European Preventive Restructuring
The European Directive (Directive (EU) 2019/1023 of the European Parliament and of the Council of 20 June 2020 on preventive restructuring frameworks, on discharge of debts and disqualification, and on measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt) has to be transposed into national legislation by 26 June 2021.
The main features of the Directive are:

• the obligatory making available of early warning systems;
• the obligatory creation of an insolvency avoidance mechanism;
• the determination of certain insolvency related officers' duties;
• the uniformisation of discharge rules among member states; and

measures to increase the national insolvency laws' efficiency.