On 6 June 2019 the European Council formally adopted the directive on preventive restructuring frameworks, on discharge of debt and disqualifications, and on measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt, and amending Directive (EU) 2017/1132 (directive on preventive restructuring frameworks).
The formal vote of the European Council marks the end of the legislative procedure after the Directive Proposal was adopted by the European Commission on 22 November 2016. The Directive will now be formally signed and will enter into force on the twentieth day following its publication in the Official Journal of the European Union. The Member States will then be required to transpose the Directive’s provisions into their respective legal systems within two years. Member States that encounter particular difficulties in implementing this Directive will be able to benefit from an extension of a maximum of one year.