CERIL Statement and Report 2024-1 on the Transposition of the EU Preventive Restructuring Directive 2019/1023

In CERIL Statement and Report 2024-1, CERIL identifies that the transposition of the EU Preventive Restructuring Directive 2019/1023 (“PRD 2019”) led to various results among the EU Member States and beyond. Based on an empirical study on the status of transposition and implementation of the PRD 2019 into the European national legislations, CERIL analysed the PRD 2019’s impact, in particular:
- the influence of the PRD 2019 on national legislation post-transposition,
- the conformity of such legislation with the PRD 2019,
- its practical use after its transposition, and
- current challenges and need for reforms.
The Statement and Report indicate that there is support for continued reforms, though some survey respondents expressed that future efforts should remain more on national-level adjustments and the practical application of existing rules. As the PRD 2019 is still relatively new, many respondents emphasize the importance of allowing time for these changes to be fully integrated before pursuing further reforms.
CERIL recommends regular reviews and active monitoring of the impact of the PRD 2019 and to guide future harmonization efforts within the EU restructuring and insolvency framework.
This Statement and Report were prepared by:
Reporters:
- Prof. Reinout Vriesendorp
- Prof. Stephan Madaus
- Prof. Ignacio Tirado
WP 10 Research Associates: Defne Taşman (University of Antwerp, Belgium) and Guillem Gabriel-Pizarro (European University Institute, Italy)
Download
The CERIL Report 2024-1 can be downloaded here.
The CERIL Statement 2024-1 can be downloaded here.
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