The Ministries of Justice and of Economy and Enterprise submit the Bill for the Revised Insolvency Law
Final provision number three of the Trade Secrets Law, in force since March 13, 2019, authorized the government to approve a revised wording of the Insolvency Law within eight months. Under that authorization, on March 22 the Ministries of Justice and of Economy and Enterprise submitted a bill for the Revised Insolvency Law.
The revised instrument, comprising 751 articles, is divided into three books: the first and longest deals with the insolvency proceeding, and has specific titles on the insolvency bodies, assets available to creditors and pre-insolvency claims, the insolvency practitioner’s report and the payment of creditors; the second, relating to traditional insolvency law, includes the pre-insolvency notice under article 5 bis and sets out the rules on out-of-court payment agreements, refinancing agreements and the specific provisions on consecutive insolvency proceedings; and the third and last book contains the rules of private international law.
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