Restructuring and Insolvency Policy
 Directive (EU) 2019/1023 |
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|---|---|
| Title: | Directive (EU) 2019/1023 of the European Parliament and of the Council of June 20, 2019 on preventive restructuring frameworks, on debt relief and on activity bans as well as on measures to increase the efficiency of restructuring, insolvency and debt relief procedures and amending the Directive (EU) 2017/1132 |
| Short title: | Restructuring and Insolvency Policy |
| Designation: (not official) |
Restructuring policy |
| Scope: | EEA |
| Legal matter: | Bankruptcy law |
| Basis: | TFEU , in particular Articles 53 and 114 |
| Procedure overview: |
European Commission European Parliament IPEX Wiki |
| Come into effect: | 16th July 2019 |
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To be implemented in national law by: |
July 17, 2021, except for regulations on electronic communication with judicial and administrative authorities to assert claims, submission of restructuring or repayment plans, notification to creditors, filing of complaints and legal remedies July 17, 2024 regulations on electronic communication with judicial and administrative authorities for enforcement of claims, submission of restructuring or repayment plans, notification to creditors 07/17/2026 Regulations for electronic communication with judicial and administrative authorities for filing complaints and legal remedies Extension possible for up to one year. |
| Reference: | OJ L 172 of 26.6.2019, pp. 18-55 |
| Full text |
Consolidated version (not official) basic version |
| Regulation has entered into force but is not yet applicable. | |
| Please note the information on the current version of legal acts of the European Union ! | |
The restructuring directive is an EU directive that deals with the standardization of options for pre-insolvency restructuring procedures and the creation of preventive restructuring frameworks across Europe.
Essential content
The core of the future restructuring process is the so-called. Restructuring plan that the principle in insolvency plan is similar, but which does not require the opening of insolvency proceedings, but must be straightened to avoid bankruptcy.
Further core elements of the restructuring guideline are
- Procedure for preparing the restructuring plan including suspension of individual enforcement measures (moratorium),
- Providing companies with access to early warning systems that reveal circumstances that lead to a probable bankruptcy,
- Realignment of managerial duties at the stage of probable bankruptcy,
- Possibility of debt relief for insolvent entrepreneurs with a maximum period of 3 years,
- Regulations for the professionalization of the judicial and administrative authorities dealing with restructuring and insolvency proceedings and
- Regulations on the professional law of administrators appointed in insolvency, restructuring and debt relief proceedings.
Implementation in Germany
The implementation of the restructuring guideline in Germany has to take place by July 2021. There is already an intensive discussion in specialist circles on the type and scope of the conceivable measures. There is a broad consensus that a restructuring plan must be provided in German law, which - similar to an English Scheme of Arrangement - must enable financial restructuring on the basis of existing majorities against the will of individual negative participants, so-called pieceworkers. Excessive interference in the rights of individual creditors or business partners, e. B. in the context of performance options or special termination rights.
literature
Christopher Seagon, Rainer Riggert (ed.): The Brussels restructuring framework . NZI supplement 1/2019 .
Web links
Individual evidence
- ↑ EU draft directive on preventive restructuring frameworks. In: VID. Retrieved on July 10, 2019 (German).