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ARTICLE · 02 FEBRUARY 2023

CEA New Information Note

RDJ LLP
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The Corporate Enforcement Authority ("CEA") has issued its first information note of 2023 on the topic of the European Union (Preventative Restructuring) Regulations 2022 (the "Regulations")...

IrelandInsolvency/Bankruptcy/Re-Structuring
Michael Quinlan
Michael Quinlan
Matthew Wallace
Matthew Wallace
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Background

The Corporate Enforcement Authority (“CEA”) has issued its first information note of 2023 on the topic of the European Union (Preventative Restructuring) Regulations 2022 (the “Regulations”) which came into effect on 27 July 2022 (the “Information Note”).

The Regulations were transposed into Irish law to give effect to EU Directive 2019/1023, or the Preventative Restructuring Directive (the “PRD”). The PRD is to ensure that, across the EU, there are restructuring frameworks in place to assist viable business that are in financial difficulty to continue to operate. The PRD sets down minimum rules for Member State preventative restructuring frameworks, in order to remove barriers to effective preventive restructuring of viable debtors in financial difficulties across the EU.

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