News News Flash - Directive (EU) 2019/1023 on Restructuring and Insolvency 02/07/2021

Prior to the COVID-19 crisis, Directive (EU) 2019/1023 of the European Parliament and of the Council of 20 June 2019, published the further harmonization of insolvency laws, as well as increase the efficiency of the insolvency processes of States -Members.

However, if previously such a matter was already important, in the current scenario it is imperative to transpose it into national law, with a view to speeding up economic recovery using new mechanisms, mitigating the future impacts of insolvencies on the national economy in the face of consequences of the Covid pandemic19.

There is no doubt that the national legislation brought into force was not designed to deal with the world pandemic crisis, so the current moment demands that the transposition of the aforementioned Directive can inevitably streamline some of the mechanisms that are absolutely essential for the challenge of the coming times.

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