## [Green light to the directive set to harmonize and strengthen restructurings in the EU](/en_GB/new/green-light-directive-set-harmonize-and-strengthen-restructurings-eu)
# Green light to the directive set to harmonize and strengthen restructurings in the EU
Spain - 06 / 07 / 2019
-
- [](https://www.linkedin.com/sharing/share-offsite/?url=https://www.garrigues.com/en_GB/new/green-light-directive-set-harmonize-and-strengthen-restructurings-eu)
- []()
- []()
Previous Next
**On June 6 the Council of the European Union approved the Proposal for a Directive of the European Parliament and of the Council on preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures.**
This marks an end to the legislative process of the Directive, which is now pending to be publisged in the Official Journal of the European Union.
Put concisely, the approved directive imposes an obligation on member states to implement harmonized legislation on:
- Preventive restructuring frameworks available for debtors in financial difficulty;
- Procedures aimed at discharging the debts of insolvent entrepreneurs to give them a “second chance” in business; and
- Measures to increase the efficiency of restructuring, insolvency and discharge procedures.
The member states have two years (with the possibility of a 1-year extension), from the entry into force of the Directive (that is, 20 days after its publication in the Official Journal), in which to transpose it in their national laws.
[Restructuring & Insolvency](/en_GB/tags/restructuring-insolvency), [Spain](/en_GB/tags/spain)
---
This publication is provided for information purposes only and does not constitute legal advice or advice of any other kind. It does not seek to offer a comprehensive summary of the legislation and developments to which it refers nor to cover all published material, but rather to provide an overview of selected topics. It is therefore recommended that the official texts be consulted and specific professional advice be sought. Garrigues does not accept any liability for the use made of this information and assumes no obligation to update it after publication.
---
### Contacts
[Adrián Thery](/en_GB/team/adrian-thery-marti)
[Contact]()
- +34 91 514 52 00
[Madrid](https://www.garrigues.com/en_GB/office/madrid)
[Borja García-Alamán](/en_GB/team/borja-garcia-alaman-calle)
[Contact]()
- +34 91 514 52 00
[Madrid](https://www.garrigues.com/en_GB/office/madrid)
[Find more professionals](../team)
### Related services
- [Restructuring and Insolvency ](/en_GB/services/restructuring-and-insolvency)
-
## Find a publication
Select service Administrative and Constitutional Law Agribusiness and Food Automotive Banking and Finance Corporate and M&A Corporate Governance and Sustainable Development Criminal Law and Internal Investigations Data Economy, Privacy and Cybersecurity Dispute Resolution: Litigation and Arbitration Energy EU and Antitrust Law Family Business Fashion Law Financial Regulation G-advisory Human Capital Services Infrastructure Insurance Intellectual Property Labor and Employment Life Sciences and Healthcare Media and Entertainment Planning, Zoning and Environment Private Equity Real Estate Restructuring and Insolvency Securities Markets Sports Startups & Open innovation Sustainability Tax Technology, Communications and Digital Tourism and Hotels Transport, Logistics and Shipping Facet Services detail Facet Services detail
Select type of content Publications Newsletters Garrigues collection Laws: amendments at a glance News Facet Publication type detail Facet Publication type detail
Min
Max
## News search engine