29 November 2016
On 22 November, the European Commission published its legislative proposal for harmonising restructuring law across Europe. The Proposal, which includes a draft Directive on preventative restructuring frameworks, "second chance" and measures to increase the efficiency of restructuring, insolvency and discharge procedures, first needs to be agreed by the European Parliament and Council. Once the text is finalised, Member States will have up to 2 years to implement the measures.
European Proposal for the harmonisation of restructuring law