Description

The Preventive Restructuring Directive ((EU) 2019/1023) has to be transposed into national legislation by 26 June 2021.The main features of the Directive are:

the obligatory availability of early warning systems;

the obligatory creation of an insolvency avoidance mechanism;

the determination of certain insolvency related officers' duties;

the uniformization of discharge rules among Member States; and

measures to increase the national insolvency laws' efficiency.

A team of Europewide recognized, experienced insolvency law experts, some of whom had been involved in the drafting process of the Directive, analyse the Directive article by article. The authors focus not only on the officials tasked in the national surroundings with drafting the national statutes but also on the wider implications which, one way or the other, will be national law. The Commentary thus also serves also the purposes of practitioners and judges in the field of restructuring.