On 22 November 2016 the European Commission published its
proposal for a draft directive on preventative restructuring
frameworks ("Draft Directive"). Having reviewed the
proposal, it is clear that the terms of the Draft Directive may
have a significant impact on the examinership process in
Ireland.
Reasons behind the proposal
The Draft Directive follows the Commission's 2014
recommendation that Member States introduce into national
legislation provisions which support greater business turnaround. A
review of that Recommendation by the Commission found that the
levels of implementation were quite low in most member states.
Given the aims of the European Union in the pursuit of the
common market, the significant divergence in national insolvency
legislation is regarded as an implement to progress.
To quote Commissioner Jourova "our aim is to harmonise key
principles and other minimum standards of substantive insolvency
law ac
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