Draft amendments to the restructuring law published in RCL
The proposed text of the law implementing EU Directive 2019/1023 (the so-called Second Chance Directive) has appeared on government websites. The planned vacatio legis is 18 months from the date of publication of the law.
The draft includes, among other things, changes regarding the valuation of debtor’s assets and the suspension of individual enforcement actions. It also includes new requirements for arrangement proposals and rules for approving an arrangement that has not been accepted by creditors.
The Government Legislation Center portal has posted the text of the forthcoming law and its justification. The draft was sent for inter-ministerial consultation, public consultation and opinion. Stakeholders were given a deadline of 14 days for reconciliation and opinion, and there is a 30-day deadline for public consultation positions.