EU Preventative Restructuring Directive Takes Effect In Ireland

The Irish Minister for Enterprise, Trade and Employment signed into law the European Union (Preventive Restructuring) Regulations 2022 on 29 July 2022. This is the first significant piece of legislation dealing with corporate rescue in Ireland since 1990, when the jurisdiction's examinership process was first codified.

The European Union (Preventive Restructuring) Regulations 2022 (the Regulations) provide for the transposition of the mandatory articles of EU Directive 2019/1023 on preventive restructuring frameworks, insolvency and discharge of debt (the Directive). The Directive's overarching aim is to harmonise insolvency and restructuring procedures across EU Member States and to reduce the duration and cost of insolvency and restructuring proceedings across Europe.