EU Draft Directive on preventive restructuring frameworks, insolvency and discharge procedures



 OFFICIAL TEXTS 

 
Directive (EU) 2019/1023 of the European Parliament and of the Council of 20 June 2019 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 restructuring and insolvency), PE/93/2018/REV/1, OJ L 172, 26.06.2019, p. 18-55.
 



 


COM/2016/0723 final - Proposal for a DIRECTIVE on preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures and amending Directive 2012/30/EU.

 

The text is available at: 
http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52016PC0723


European Commission - Fact Sheet

http://europa.eu/rapid/press-release_MEMO-16-3803_en.htm


European Commission - Press release

http://europa.eu/rapid/press-release_IP-16-3802_en.htm


DG Civil Justice - Insolvency proceedings

https://ec.europa.eu/info/policies/justice-and-fundamental-rights/civil-justice/civil-and-commercial-law/insolvency-proceedings_en



 

 

 LEGISLATIVE ADOPTION PROCESS


COM/2016/0723 final - Proposal for a DIRECTIVE on preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures and amending Directive 2012/30/EU.

 

EUR-LEX

https://eur-lex.europa.eu/procedure/FR/2016_359

 

 

EU Parliament - Legislative Observatory

http://www.europarl.europa.eu/oeil/popups/ficheprocedure.do?lang=en&reference=2016/0359(OLP)

 

 

DG Civil Justice - Insolvency proceedings

https://ec.europa.eu/info/policies/justice-and-fundamental-rights/civil-justice/civil-and-commercial-law/insolvency-proceedings_en


Latest document of interest:

EU Parliament report (28th August 2018) available here and summary available here.

EU Council - General approach on the Draft Directive (1st October 2018) available here.

EU Council - Confirmation of the final compromise text with a view to agreement (17 December 2018) available here.

European Parliament legislative resolution (28th March 2019) available here.

Council Legislative Act (15 May 2019) available here.
 

 

 

 

 STATE OF PLAY IN EU MEMBER STATES


2018 - State of play in domestic legislations

 

BulgariaCyprusCzech RepublicDenmarkEngland & WalesEstoniaFinlandGreeceHungaryIrelandLatviaLithuaniaLuxembourgPolandPortugalRomaniaSlovakiaSlovenia and Spain.



2019 - State of play in national insolvency data (by outcomes)

Relevant data for Bulgaria, Cyprus, Czech Republic, Denmark, England & Wales, Estonia, Finland, Greece, Hungary, Ireland, Latvia, Lithuania, Luxembourg, Poland, Portugal, Romania, Slovakia, Slovenia and Spain are available here.
 


 RELATED ARTICLES

2018 - 
National views from BulgariaEstoniaLuxembourg and Slovakia.


 


 RELATED STUDIES
 

Contractualised Distress Resolution in the Shadow of the Law - Effective judicial review and oversight of insolvency and pre-insolvency proceedings

 

The project “The Contractualised distress resolution in the shadow of the law: Effective judicial review and oversight of insolvency and pre-insolvency proceedings” is carried out by a partnership of several universities: Università degli Studi di Firenze (Project Coordinator), Humboldt-Universität zu Berlin (Partner) and Universidad Autónoma de Madrid (Partner), supported by the Consejo General del Poder Judicial (Associate Partner), Banca d’Italia (Associate Partner) and Entrepreneurship Lab Research Center (Associate Partner). The partnership benefits from previous working relationships among the key members of the staff, as members of the ‘Global Insolvency Task Force’ of the World Bank, and of the International Insolvency Institute.

 

The project addresses several key issues highlighted in the Recommendation of 12 March 2014 on a new approach to business failure and insolvency (2014/135/EU) and also considers the Proposal for a Directive of the European Parliament and of the Council on preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures and amending Directive 2012/30/EU (COM(2016) 723 final), published on November 22, 2016.

 

The project deliverable consists in a Final Report addressing the main matters of restructuring proceedings (both in-court and out-of-court proceedings) and formulating guidelines and policy recommendations.

The Final Report (September 2018) is available here.

 


 

European Law Institute’s (ELI) Instrument on Rescue of Business in Insolvency Law (September 2017) 


This in-depth study, led by Professors Bob Wessels and Stephan Madaus since September 2013, culminated in an extensive report of more than 375 pages and some 115 recommendations, and was adopted with an overwhelming majority by the ELI Council and General Assembly on 6 September 2017. 

The Instrument is available here.


 

Study on a new approach to business failure and insolvency - Comparative legal analysis of the Member States’ relevant provisions and practices (University of Leeds - January 2016) 

This report, commissioned by the European Commission DG Justice, documents a comparative study on substantive insolvency law of all EU Member States and two comparator countries, the United States and Norway.

It also includes an analysis of the EC Recommendation on a new approach to business failure and insolvency and its implementation in Member States.


The Study is available here.