Directors' liability in the twilight zone

In November 2016, the European Commission presented its proposal for a Directive on Preventive Restructuring Frameworks, Second Chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures. The draft Directive provides for the possibility to reorganize prior to and outside of court supervised insolvency procedures. It envisions that such preventive restructurings should enable enterprises to restructure at an early stage and to avoid the opening of formal