Insolvency & Restructuring

June 2022

EU DIRECTIVE (EU) 2019/1023 on Insolvency and Restructuring

On 26 July 2021, the ReO (Restrukturierungsordnung), which transposed the requirements of the EU Directive on Restructuring and Insolvency ("RIRL") on a preventive restructuring framework in Austria, was published. The RIRL entered into force retroactively on 17 July 2021. The RIRL already met with criticism at the European level. In particular, it was debated whether it was needed at all.