The Council of the European Union has adopted a directive aimed at strengthening coordination between national insolvency regimes, with the aim of reducing existing disparities and improving conditions for investment, particularly in cross-border contexts, within the framework of the Capital Markets Union.
The provisions introduce tools designed to make procedures more efficient and focused on value preservation, addressing both the prevention of prejudicial transactions prior to insolvency and the strengthening of asset tracing mechanisms, including through access to bank account registers. In this context, the Directive also establishes the ‘pre-pack’ procedure, which allows for the preparation of the sale of the business or parts thereof prior to the formal opening of proceedings, facilitating swifter execution and the continuity of essential contracts.
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