New draft of the BMJV
On September 19th 2020, the Federal Government presented the long-awaited draft bill, which, in addition to other changes in legislation relevant to restructuring, is intended to implement the EU directive on the „Preventive Restructuring Framework".
The new reorganization instrument - in future called „Stabilization and Restructuring Framework for Enterprises“ (SRR) - is intended to enable companies to restructure without the need for insolvency proceedings, but within a clearly defined legal framework - in coordination with creditors.
We have summarized Article 1 „Law on the Stabilization and Restructuring Framework for Enterprises“ of the draft bill and made an initial assessment of it.