Ireland’s new preventive restructuring regulations
On 27 July 2022, the European Union (Preventive Restructuring) Regulations 2022 (S.I. 380/2022) amended the Irish Companies Act 2014 by transposing certain requirements of Directive (EU) 2019/1023 of the European Parliament and of the Council of 20 June 2019 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’.
In our latest publication we consider:
- Alterations to the confirmation requirements for Examiner's proposals.
- The introduction of restrictions on certain Ipso facto clauses.
- The codification of directors' duties to have regard to the interests of creditors when a company is in the zone of insolvency.
For further information in relation to this topic, please contact any member of ALG's Restructuring and Insolvency team.
Date published: 18 October 2022