The Directive (EU) 2019/1023 on Restructuring and Insolvency
represents a fundamentally new era for restructuring measures
outside of insolvency. Restructuring frameworks should, above all,
enable debtors to restructure effectively at an early stage and to
avoid insolvency, thus limiting the unnecessary liquidation of
viable companies.
By implementing the Directive into Hungarian law, important
changes were introduced in the Hungarian legal system. 1
The new regime will constitute a radical change compared to the
existing regime concerning restructuring, insolvency and discharge
of debt.
The most striking features - a first overview
The new restructuring measures provide a new concept in the
existing gap between contract-based restructuring and formal
insolvency proceedings. The novelties in the new set of measures
include the following points below.
