Ireland transposes the EU Preventive Restructuring Directive: Modifications to Irish law will be of interest to both Irish and international practitioners

On 27 July 2022, the European Union (Preventive Restructuring) Regulations 2022 (S.I. 380/2022) (the Regulations) amended the Irish Companies Act 2014 (the Act) by transposing certain requirements of Directive (EU) 2019/1023 of the European Parliament and of the Council of 20 June 2019 (the Directive) not already provided for in Irish law.

This has resulted in a number of modifications to the examinership regime and, for the first time, a codification of directors' duties when companies are in the `zone of insolvency'.

The changes to the Examinership regime include:

Filed under:
European Union, Ireland, Company & Commercial, Insolvency & Restructuring, A&L Goodbody, Insolvency
Authors:
David Baxter , Mark Traynor , Marsha Coghlan , Stephen Ahern , Thomas Ryan , Brian O’Malley
Location:
European Union, Ireland
Firm:
A&L Goodbody
The five key points arising from the Norwegian Air Shuttle examinership

Earlier today, 26 May 2021, the final condition to the restructuring plan for the Norwegian Air Shuttle group was met, allowing the Examiner’s scheme to become effective: confirmation that the business has successfully raised 6bn NOK.

Filed under:
European Union, Norway, United Kingdom, Aviation, Insolvency & Restructuring, Litigation, A&L Goodbody, Insolvency Act 1986 (UK)
Authors:
David Baxter , Marie O'Brien , Marsha Coghlan , Brian O’Malley , Mark Traynor , Maria McElhinney , David Berkery , Seamus O'Croinin , Andrea Lawler , Stephen Ahern , Keith Mulhern , Thomas Ryan , Patrick Fitzpatrick , Eoin Mullowney
Location:
European Union, Norway, United Kingdom
Firm:
A&L Goodbody