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The EU preventative restructuring framework – harmony or discord?
In 2014 the European Commission decided that a harmonised approach to restructuring proceedings was required to reduce the build-up of non-performing loans in EU banks, improve returns to creditors and encourage inward investment. It was also a key milestone in the capital markets union plan. The EU Directive on preventative restructuring frameworks, on discharge of debt and disqualifications and on measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt (the Directive) was finally agreed on 20 June 2019.
