The objective of this reform is to increase the efficiency of insolvency and restructuring procedures. This shall be achieved by adopting legal acts to facilitate the opening and conducting of insolvency and restructuring procedures, to ensure the use of electronic means in insolvency, restructuring and discharge of debt procedures, as well as provide for stricter regulation of the profession of insolvency practitioners, early warning tools and duties of the directors in case of likelihood of insolvency. The reform shall also cover implementation measures, including trainings on the new insolvency framework to insolvency practitioners and judges, electronic tools for the purpose of communication throughout insolvency and restructuring proceedings, adoption of guidelines, manuals/codes and templates on the different procedures, as well as statistical data collection and publication. The implementation of the reform shall be completed by 30 June 2025.
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