Order Amending Normative Legal Acts of the Ministry of Justice Regarding the Activities of Insolvency Practitioners in Connection with the Implementation of EU Directive 2019/1023 and Introduction of Preventive Restructuring Procedures. The changes relate to bankruptcy and solvency recovery procedures.
Structurally, the order introduces amendments to 9 normative legal acts regulating: training of insolvency practitioners, qualification examinations, maintenance of the insolvency practitioners register, use of identification cards and seals, activity monitoring, record-keeping, etc.
Key changes:
• Introduced a new preventive restructuring procedure and the position of preventive restructuring administrator
• Changed terminology – ‘certificate cancellation’ replaced with ‘certificate termination’
• Clarified requirements for insolvency practitioner candidates and professional admission procedure
• Updated document forms and record-keeping procedures considering new procedures
