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European Commission Invites Submissions for Insolvency & Debt Proposal

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European Commission Invites Submissions for Insolvency & Debt Proposal

European Commission Invites Submissions for Insolvency & Debt Proposal
December 14
14:25 2016
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The Irish government is seeking submissions for a European Commission proposal for a Directive on insolvency, debt, restructuring and second chance, it was announced on Monday. The Department of Justice and the Department of Jobs are seeking views of interested parties on a EU proposal that seeks to harmonise, for the first time, substantive provisions of national laws and frameworks across Member States in the area of business insolvency.

The proposal covers both company debts, and the debts of an over-indebted person who is or was carrying on a trade, business, craft or profession. (Each Member State also has an option, under the proposal, to extend the proposal’s application to over-indebted persons with non-business debts.)

The proposal would affect Irish personal insolvency and bankruptcy law, as well as company insolvency law, including examinership.

The Commission proposal will be sent to the European Council (composed of the governments of the EU Member States) and the European Parliament, for discussion, possible amendment, and agreement.

How to send submissions

As part of Ireland’s national scrutiny of the proposal, the government is looking for views on the proposal, and invite stakeholders to make a submission.

Respondents may send their views in writing (preferably by email) to either the Department of Justice and Equality (regarding personal insolvency or bankruptcy), the Department of Jobs, Enterprise and Innovation (regarding company insolvency) or to both. The submissions should be marked “Consultation – EU Commission Proposed Insolvency Directive”, and submissions should arrive not later than Tuesday 31st January 2017.

To responding to the Department of Justice and Equality, email: civil_law_reform_inbox@justice.ie  with ‘Proposed Insolvency Directive’ in the subject line.

To responding to the Department of Jobs, Enterprise and Innovation, email: companyinsolvency@djei.ie

All submissions received will be subject to the Freedom of Information Act 2014. Consequently, when submitting material, parties should specify any information which they consider should not be released, and identify the grounds under the Act which support the non-release of the information.

The derpartments may also decide to place submissions received on its website in due course. A decision on any such placement may occur without prior consultation with respondents to this consultation process.

If a respondent does not wish any material contained in its submission to be published in this way because it is considered commercially sensitive or confidential, then this should be clearly indicated (with reasons) in the submission.

The current proposal can be read here.

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