Croatia: paving the way for restructuring
The Directive (EU) 2019/1023 on Restructuring and Insolvency
(the Directive) has finally been transposed into
Croatian legislation. Implementation has been carried out through
extensive amendments to the Insolvency Act (the
IA) and partial amendments to the Consumer
Insolvency Act (the CIA). Both are in force as of
31 March 2022.
The amendments revolve around fine tuning the restructuring
process that was already set out by the IA through the
pre-insolvency proceedings while also harmonising it with the
Directive.
Objectives
The primary aim of the amendments relating to the restructuring
regime is to harmonise the IA with the acquis
communautaire and to follow the general trend of departure
from formal insolvency proceedings by opening a window into private
regulation. At the same, the amendments are intended to ensure
effective, simple and flexible management of the procedure, with
precisely defined deadlines and
