Ireland's new preventive restructuring regulations
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.