The proposed EU Business Insolvency Directive aims to ensure that entrepreneurs in financial difficulties can seek support at an early stage, benefit from a flexible and efficient restructuring framework; and as a last resort, can get a second chance after insolvency .
Our factsheet provides an overview of the Directive’s main provisions on the potential involvement of the accountancy profession as restructuring practitioners. Indeed, professional accountants have the expertise and skills to support businesses experiencing financial difficulties.
The EU Parliament is planning to endorse the agreed text at the end of March 2019. Following that, Member States will have two years from the day the draft text enters in the EU Official Journal to implement the new rules in their national legislation. We invite Member Bodies to get informed about the respective national transposition and share the information with their members.