19th October 2022 |
This note provides information on the key provisions of the transposed Directive (EU) 2019/1023 (the PRD) as regards corporate insolvency through the European Union (Preventive Restructuring) Regulations 2022.
The PRD sets down minimum rules for Member State preventative restructuring frameworks, in order to remove barriers to effective preventive restructuring of viable debtors in financial difficulties across the EU.
The Regulations provide clarity on how the Directive impacts on existing Irish law. The Regulations amend Parts 5, 10 and 11 of the Companies Act 2014 and insert a new Part 5A to transpose the requirements of the PRD not already provided for in Irish examinership law.