Directive (EU) 2019/1023 on restructuring and insolvency (Restructuring and Insolvency Directive)

Overview

The Restructuring and Insolvency Directive harmonizes certain aspects of national restructuring and insolvency frameworks. It requires Member States to provide preventive restructuring frameworks that allow viable but distressed debtors to restructure their debts and continue operations. The directive also covers discharge of debt for over-indebted entrepreneurs (maximum 3 years), measures to increase efficiency of insolvency proceedings, and early warning tools to detect financial difficulties. Directive (EU) 2019/1023 required transposition by 17 July 2021 with extended deadlines for certain provisions.

This eu directive (32019L1023) is part of the EU’s legal framework governing insolvency. EU insolvency regulation governs cross-border insolvency proceedings, establishing rules for jurisdiction, recognition, and applicable law in insolvency cases with international elements.

Type: EU Directive

CELEX Number: 32019L1023

Date of Effect: See the official publication in the Official Journal of the European Union.

Key Provisions

Directive (EU) 2019/1023 on restructuring and insolvency (Restructuring and Insolvency Directive) establishes the core legal framework in this field. For specific provisions, articles, and implementing measures, consult the full text on EUR-Lex.

Significance

This legislation represents a key component of EU law in the area of insolvency. It reflects the EU’s approach to harmonization and regulatory policy within the internal market framework.