The Proposed Pre-Insolvency Bill
The Pre-Insolvency Bill (‘the Bill’) is at its second reading in Parliament. The Bill is being proposed as an Act to partially transpose EU Directive 2019/1023 (‘the Directive’) on preventive restructuring frameworks, on discharge of debt and disqualifications, and on measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt. In short, new legal tools are being provided in a bid to rescue viable businesses in distress from entering into a state of insolvency. The Bill is organised in different parts including early warning tools and crisis prevention, the entry into a preventive restructuring procedure and…
Mikiel Calleja and Tessa Borg Bartolo9th November 2022