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Coronavirus (COVID-19) Tracker of Insolvency Reforms

A tracker of insolvency reforms globally produced by Lexis Nexis in partnership with INSOL Europe is now available here. Plus: The CERIL Executive has published a Statement on COVID-19 and insolvency…

Mastering the media during Coronavirus

Sam MacAuslan of Project Associates has sent us this useful guide for dealing with the media in these unprecedented times. Engaging with a hostile media is an unappealing prospect for a restructuring…

COVID-19 (Coronavirus) - Events Update

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UNCITRAL: The Plight of Small Entrepreneurs: MSEs and Insolvency on the Agenda

The 54th session of Working Group V began in Vienna with the nomination of a new Chair, Harold Foo from Singapore. The objective of the session was to consider the problem of insolvency in relation to…

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​EU Directive on preventive restructuring frameworks: now adopted
On 6 June 2019 the European Council formally adopted the directive on preventive restructuring frameworks, on discharge of debt and disqualifications, and on measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt, and amending Directive (EU) 2017/1132 (directive on preventive restructuring frameworks). 

The formal vote of the European Council marks the end of the legislative procedure after the Directive Proposal was adopted by the European Commission on 22 November 2016. The directive on preventive restructuring frameworks will now be formally signed and enter into force on the twentieth day following its publication in the Official Journal of the European Union. The Member States will then be required to transpose the directive’s provisions into their respective legal systems within two years of its entering into force at the EU level. Member States that encounter particular difficulties in implementing this Directive will be able to benefit from an extension of a maximum of one year.
 
The directive on preventive restructuring frameworks provides a high degree of flexibility to Member States to adapt the new legislation to their existing frameworks. It is hoped that Member States will not sacrifice the rescue culture, a key driver behind the directive, by choosing to implement the minimum standards proposed in the directive.
 
Please consult the text of the directive here: https://data.consilium.europa.eu/doc/document/PE-93-2018-INIT/en/pdf
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