On 6 June 2019, the European Council approved the Directive on preventive restructuring systems, debt cancellation and professional prohibitions, as well as measures to improve the efficiency of restructuring, insolvency and debt cancellation proceedings.
The general objective of the Directive is to contribute to the proper functioning of the internal market and to remove obstacles to the exercise of fundamental freedoms, such as the free movement of capital and the freedom of establishment, resulting from differences between Member States in restructuring and insolvency regimes. In addition, the objective is also to promote a “rescue culture” within the European Union based on the principle of second chance.
Member States have two (2) years from the publication of the Directive in the Official Journal to adapt their current legislation or introduce new provisions. During this period, we will therefore be able to determine whether and to what extent the proposed harmonisation of systems will be achieved in the Member States.
More information can be found via the following link: https://eur-lex.europa.eu/legal-content/FR/TXT/?qid=1562760758238&uri=CELEX:32019L1023
