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Insolvency law - amendments

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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.

The period is to be limited protection against executions bailiffs and it will be up to 4 months – except for complicated, exceptional situations.

– This is a very good direction. The scope of work that is being carried out shows us where the problems currently exist. There is no doubt that changes in the possibility of staying enforcement at the stage of proceedings informal and formal pre-insolvency proceedings. It often happens that in the event of initiating at least one enforcement, companies with temporary problems are forced to file bankruptcy petition – explains Anisimowicz.
The material appeared on wnp.pl:

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

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