Insolvency law - amendments

The Ministers of Justice of the EU Member States within the Council of the European Union recently adopted a position on the directive on corporate insolvency. According to Małgorzata Anisimowicz, President of PMR Restructuring, the new changes move in a positive direction.

In a common position, ministers within the EU Council agreed that national rules should have decisive force and that common regulations should only cover a few elements of proceedings.

These mainly concern: the possibility of stopping enforcement at the stage of informal and formal pre-insolvency proceedings (proceedings for approval of an arrangement); the need to adopt a single instrument in the form of a restructuring plan, which will cover both the restructuring plan and the arrangement; the availability of a model restructuring plan, especially for small and medium-sized entrepreneurs; the possibility of including in-kind creditors and shareholders (economic owners of the company) in the arrangement; the extension of the responsibility of company managers; the creation of an application for restructuring advisers.

Ograniczeniu ma ulec okres ochrony przed egzekucjami komorniczymi i będzie on wynosił do 4 miesięcy – poza skomplikowanymi, wyjątkowymi sytuacjami.

The material appeared on wnp.pl:

8 November 2018:
" There will be changes to bankruptcy law