The new EU Directive on restructuring and insolvency and its implications for Austria (IRI 2019/13, 5) (Insolvency and Restructuring International Vol 13 No 2)
After more than two years of discussions and debate, the new European Union Directive on Restructuring and Insolvency (the ‘Directive’) was finally published in the Official Journal of the EU on 26 June 2019. EU Member States will have to implement the Directive by 2021, with certain key jurisdictions potentially aiming for an earlier date. To reach a European consensus, concessions were necessary. The Directive therefore offers considerable flexibility. Its implementation may look very different across the various Member States, with some introducing a more restructuring-friendly legal environment than others. This article gives a summary of certain key elements of the Directive and takes a look into the crystal ball on the potential implementation in Austria.
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