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R3 & INSOL Europe International Restructuring Conference highlights

The R3 & INSOL Europe International Restructuring Conference held in London on 11 July was a magnet for European cross-border restructuring professionals. Over 70 delegates participated enthusiastically,…

​INSOL Europe in New York for UNCITRAL Working Group V

UNCITRAL's Working Group V (Insolvency Law), in its 55th session, made huge progress and now also completed its work on the Draft Guide to Enactment of what is expected to become the UNCITRAL Model Law…

Brussels – Heatwaves and Hot Topics

Late June saw the annual outing by the Deutscher Anwaltverein (DAV) in Brussels at their 8th European Insolvency and Restructuring Congress, co-sponsored for the second year running by INSOL Europe. Paul…

​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…

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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