Haslinger/Nagele on restructuring (new)

The long-awaited draft law to implement the Restructuring and Insolvency Directive was recently published. The Restructuring and Insolvency Directive Implementation Act (RIRL-UG for short) is intended to facilitate the restructuring of companies and offer an alternative to out-of-court restructuring.

Major changes include the possible implementation of restructuring and reorganization by a vote of the majority of the affected creditors. Thereby, minorities may be outvoted and even a stay on enforcement might be obtained without their approval.

In a recent article in the daily newspaper Die Presse, Michael Haiböck and Thomas Kurz (team insolvency law and restructuring), among others, comment on the draft law. They show opportunities and risks for companies at risk of insolvency as well as for creditors.

You can find the entire article here . You will also find a more comprehensive overview of the core elements of the RIRL-UG here.

 

28. February 2021

 

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