Consultation on Insolvency Directive
In early 2017, the Department of Justice and Equality and the Department of Jobs, Enterprise and Innovation ran a joint consultation seeking views of interested parties on a recent proposal by the European Commission.
The proposed Directive seeks to harmonise, for the first time, substantive provisions of national laws and frameworks across Member States in the area of business insolvency. It covers both company debts, and the debts of an over-indebted person who is or was carrying on a trade, business, craft or profession. Each Member State also has an option, under the proposal, to extend the proposal’s application to over-indebted persons with non-business debts.
The proposal would affect Irish personal insolvency and bankruptcy law, as well as company insolvency law (including examinership).
The Oireachtais Joint Committee on Justice and Equality also sought the views of the Insolvency Service of Ireland on this matter.
The Insolvency Service of Ireland submissions are set out below: