21st April 2022 |
The Department of Enterprise, Trade and Employment has sought and has received the views of interested parties on the transposition of the EU Directive 2019/1023 on preventive restructuring frameworks, insolvency and discharge of debt.
The Directive aims to ensure that, across the EU, viable enterprises that are in financial difficulties have access to effective national preventive restructuring frameworks that will enable them to continue to operate. The purpose of the Directive is to provide 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.
While the consultation was focused on the mandatory articles of the Directive, using the examinership framework, views were welcomed from respondents on any aspect of the Directive they wished to raise.
Furthermore, the consultation focused on corporate insolvency and did not extend to the Articles in the Directive relating to the discharge of debt of over-indebted entrepreneurs as personal insolvency and bankruptcy law fall within the remit of the Department of Justice.
Related link: Public Consultation on the transposition of Directive (EU) 2019/1023 of the European Parliament and Council on preventive restructuring frameworks, insolvency and discharge of debt
Commerce, Consumer and Competition