EU restructuring frameworks

On 16 November 2016, further to its 2014 recommendation (C(2014) 1500 final of 12 March 2014) the European Commission presented a proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures.

Below, Schultze & Braun has collated the key documents from the legislative procedure and the reactions to the directive of various professional associations:


1. Draft directive

Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures and amending Directive 2012/30/EU

COM/2016/0723 final - 2016/0359 (COD)  

2. Opinion of the Insolvency & Restructuring Working Party of the German Lawyers’ Association (ARGE Insolvenz & Restrukturierung DAV)

Link to PDF (in German)

3. Comments of the Association of European Insolvency Practitioners’ organizations (EIP) regarding the proposal for an EU directive on preventive restructuring procedures 

Link to PDF

4. Opinion of the Registered Association of Insolvency Administrators (Verband Insolvenzverwalter Deutschlands, VID) on the proposal for a directive of the European Parliament and of the Council on preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures and amending Directive 2012/30/EU (COM (2016) 723 final)

Link to VID opinion (in German)

5. Opinion of the EESC of 29 March 2017

Opinion of the Economic and Social Committee on the ‘Proposal for a Directive of the European Parliament and of the Council on preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures and amending Directive 2012/30/EU’

(COM(2016) 723 final - 2016/0359 (COD)), (2017/C 209/04)

6. ECB Opinion

Opinion of the European Central Bank of 7 June 2017 on a proposal for a directive of the European Parliament and of the Council on preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures and amending Directive 2012/30/EU

(CON/2017/22) - (2017/C 236/02)

7. Amendments proposed by the VID to the text of the proposal for a directive of the European Parliament and of the Council on preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures and amending Directive 2012/30/EU (COM (2016) 723 final)

Link to the amendments proposed by the VID (in German)

8. PE 610.684v01-00
25 September 2017

Committee on Legal Affairs – Rapporteur: Angelika Niebler <br/> DRAFT REPORT on the proposal for a directive of the European Parliament and of the Council on preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures and amending Directive 2012/30/EU

Link to the draft report

9. Opinions of the national parliaments on the draft directive

Link to the opinions

10. PE 601.220v02-00
20 October 2017

Committee on Employment and Social Affairs – Rapporteur: Edouard Martin<br/> DRAFT REPORT on the proposal for a directive of the European Parliament and of the Council on preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures and amending Directive 2012/30/EU

Link to the draft report

11. Opinion of the VID on the progress of negotiations regarding a directive on restructuring frameworks

CDU/CSU technical discussion on 23 April 2018

Link to the opinion (in German)

12. Draft directive of the Council of the European Union

Proposal of 24 May 2018 for a Directive of the European Parliament and of the Council on preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures and amending Directive 2012/30/EU

Council of the EU 20180524 ST 9236 2018 ADD1

Council of the EU 20180524 ST 9236 2018 INIT

Video of the session on 4 June 2018

13. Proposal for a Directive on preventive restructuring frameworks

Proposal for a Directive of the European Parliament and of the Council on preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures and amending Directive 2012/30 - Confirmation of the final compromise text with a view to agreement – ST 15556/2018 INIT

Link to the proposal

14. Proposal of the European Council of 1 October 2018

Proposal for a Directive of the European Parliament and of the Council on preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures and amending Directive 2012/30/EU

Link to the proposal
session video 11.10.2018

15. Statement of the VID ...

On the general orientation of the Council of the European Union on the proposal for a directive of the European Parliament and of the Council on preventive restructuring frameworks, second chance and measures to improve the efficiency of restructuring, insolvency and debt relief procedures and amending Directive 2012/30/EC

The VID statement of 11./12.10.2018 (in German)

16. Draft directive – Common orientation of the Council

Proposal for a directive of the European Parliament and of the Council on preventive restructuring frameworks, second chance and measures to improve the efficiency of restructuring, insolvency and debt relief procedures and amending Directive 2012/30 - Confirmation of final compromise version for agreement - ST 15556/2018 INIT

 to the draft of 17.12.2018

17. European Parliament: increasing the efficiency of restructuring, insolvency and discharge procedures

Increasing the efficiency of restructuring, insolvency and discharge procedures ***I
European Parliament legislative resolution of 28 March 2019 on the proposal for a directive of the European Parliament and of the Council on preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures and amending Directive 2012/30/EU (COM(2016)0723 – C8-0475/2016 – 2016/0359(COD))

To the text of the Directive adopted by Parliament

Debate, dated 27th March 2019, about increasing the efficiency of restructuring, insolvency and discharge procedures

18. European Council: Improving the efficiency of restructuring, insolvency and debt relief procedures

Draft directive of the European parliament and of the council on preventive restructuring frameworks, on discharge of debt and disqualifications, and on measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt ­
(PE 93 2018 INIT) of 15.05.2019

Statement by Portugal / Germany (9170 2019 REV 2 ADD 1) of 21.05.2019

19. European Council: Press release of 06.06.2019

Giving entrepreneurs a second chance: new rules on business insolvency adopted

20. Public consultation of the French Ministry of Justice on the implementation of the Directive

To the text of the consultation on the website of the French Ministry (in French)

To the questionnaire (in French)

21. DIRECTIVE (EU) 2019/1023 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 20 June 2019...

...on preventive restructuring frameworks, on discharge of debt and disqualifications, and on measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt, and amending Directive (EU) 2017/1132 (Directive on restructuring and insolvency)
(Published in the Official Journal of the EU on 26 June 2019)
To the text of the Directive

22. VID paper on the implementation of the Restructuring and Insolvency Directive

Document of the VID (Association of insolvency administrators in Germany) dated 6 November 2019 (in German)

23. Position of the BDU on the legislative procedure on the preventive restructuring framework

Document of the BDU (Association of German management consultants) dated November 2019 (in German)