19/04/2021
CITR has been appointed by the European Commission as Consultant within the process for the transposition of the European Directive 2019/1023 on Preventive Restructuring Frameworks, on Discharge of Debt and Disqualification, and on Measures to increase the efficiency of Procedures concerning Restructuring, Insolvency, and Discharge of debt.
The Restructuring Directive aims at harmonizing the legislation of all Member States in the field of restructuring, increasing the chances of restructuring for companies, especially SMEs, and creating effective frameworks for preventive restructuring, insolvency, and discharge of debt.
As part of the transposition process, CITR through CITR Cyprus has performed an overview of various European legislation (e.g. the legislation in Netherlands, France, Italy, Spain, Greece, Poland) in regard to existing preventive, restructuring, reorganization, and bankruptcy proceedings, in order to identify efficient mechanisms that could inspire positive changes into the Romanian legislation. The overview together with a benchmarking of the national legislation against other Member States’ frameworks is part of the argumentation based on which the recommendations for improving the existing legislation were proposed.
The draft bill for amending the current Romanian legislation on preventive and insolvency proceedings has been under public consultation until the 9th of April 2021 and the transposition of the Restructuring Directive has to be concluded by the 17th of July 2021.
