Implementing The Restructuring Directive In Austria

Austria is gearing up to implement the EU Directive on Restructuring and Insolvency (known as the Restructuring Directive). We anticipate that the Restructuring Regulation (ReO) will enter into force on 17 July 2021.

The core element of the Restructuring Directive (and of the implementing law) is the promotion of a new restructuring procedure, to avoid the need for formal insolvency proceedings.

The restructuring proceedings

The new restructuring proceedings are aimed at facilitating restructuring efforts without requiring formal insolvency proceedings.

In contrast to insolvency proceedings, these proceedings will not necessarily be disclosed in the Austrian edict database (Ediktsdatei).