The New European Restructuring Schemes - Update May 2022

Through the EU Directive on Restructuring and Insolvency of 20 June 2019 (EUR 2019/1023, "Directive"), the European Union has imposed an obligation on its member states to offer a more attractive and flexible restructuring scheme in their respective local law. The initial deadline to do so had been 17 July 2021. Only a handful of countries (most notably Germany and The Netherlands) had implemented the Directive within the initial deadline, whilst the other countries made use of the possibility to ask for a one year extension.

In April 2021, we published an overview of the status of implementation as the initial deadline approached. In the last year, a number of additional countries have proceeded with implementation. This newsletter provides an update in key jurisdictions.