OPINION (COM(2022)0702 – C90410/2022 – 2022/0408(COD))
On the proposal for a directive of the European Parliament and of the Council harmonising certain aspects of insolvency law
ECON-AD-768176
Committee on Economic and Monetary Affairs · Rapporteur: René Repasi
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The opinion proposes amendments to the directive on harmonising insolvency law, extending its scope to SMEs, strengthening worker protection, and adjusting avoidance actions and pre-pack rules.¶¶¶
Committee position. The committee proposes amendments to extend the directive's scope to SMEs, strengthen worker protection, and adjust various provisions on avoidance actions, pre-pack, and simplified proceedings.¶¶¶
Key points
- Extends the directive's scope to include SMEs in simplified winding-up proceedings and related provisions.¶¶¶
- Adds that employees can be regarded as creditors and requires representation of workers' interests in creditors' committees.¶¶¶
- Changes avoidance action rules: only actual knowledge (not constructive) of insolvency is required for voiding congruent coverages and other acts.¶¶¶
- Allows Member States to deem legal acts perfected before registration in public registers, and adds a definition for lease of goods contracts.¶¶¶
- Requires that pre-pack sales meet social standards and consider employment safeguarding in bid selection.¶¶
- Directors must take steps to avoid insolvency and only file for insolvency if it cannot be avoided, considering creditors' interests.¶¶
- In simplified proceedings, an insolvency practitioner may be appointed only if the debtor has an up-to-date balance sheet and has submitted annual statements.¶¶
- Excludes employees' claims from the stay on individual enforcement actions unless payment is guaranteed in preventive restructuring.¶
- Allows creditors' committee to be established only if general meeting decides and in accordance with national law; removes fixed size limits.¶¶
- Requires the Commission to support data reporting and produce annual reports on insolvency cases.¶
Who is affected
- Microenterprises and SMEs: gain access to simplified winding-up proceedings and protections.¶¶¶
- Employees: recognized as creditors and get representation in creditors' committees.¶¶¶
- Creditors: face stricter conditions for avoidance actions and get information in pre-pack sales.¶¶¶
- Directors of legal entities: have new duties to avoid insolvency and file only when necessary.¶¶