Examples of using Restructuring procedures in English and their translations into Hungarian
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Representation in bankruptcy and restructuring procedures.
Preventive restructuring procedures available for debtors in financial difficulty when there is a likelihood of insolvency.
This could oftenbe avoided if we had more efficient insolvency and restructuring procedures.
We will table a new initiative on preventive restructuring procedures and to give a second chance to entrepreneurs after bankruptcy.
The restructuring procedures being converted to liquidation procedures or closed because of the opening of liquidation procedures before the plan was confirmed by a court.
Employees will be protected throughout the new restructuring procedures, in accordance with the existing EU legislation.
SMEs, especially when facing financial difficulties, often do not have the necessary resources to cope with high restructuring costs andto take advantage of the more efficient restructuring procedures available only in some Member States.
The number of applications for restructuring procedures that were declared inadmissible, were rejected or were withdrawn before being opened.
This Directive should not impose any liability onMember States for potential damage incurred through restructuring procedures which are triggered by such early warning tools.
Reducing the length of restructuring procedures would result in higher recovery rates for creditors as the passing of time would normally only result in a further loss of value of the debtor or the debtor's business.
Moreover, bankruptcy procedures focusing on liquidation in Slovakia and restructuring procedures in Poland are still expensive and complicated.
Moreover, reducing the length of restructuring procedures would result in higher recovery rates for creditors as the passing of time would normally only result in a further loss of value of the debtor or the debtor's business.
Small and medium sized enterprises would benefit from a more coherent approach at Union level, since they do not have the necessary resources to cope with high restructuring costs andtake advantage of the more efficient restructuring procedures in some Member States.
Measure inspired by the following Member State/Best project Restructuring procedures in Germany, Switzerland, Finland and Austria have been used as models.
SMEs, especially when facing financial difficulties, often do not have the necessary resources to cope with high restructuring costs andto take advantage of the more efficient restructuring procedures available only in some Member States.
In the case of cross-border cases, nowadays, more modernized restructuring procedures can be used, which, for example, help to raise money from debtors in other EU countries.
With a view to achieving progress on insolvency, the Commission adopted a Recommendation on a new approach to business failure and insolvency38 in which it urgesMember States to put in place early restructuring procedures and'second chance' provisions.
Although several new measureshave been taken to improve bankruptcy and restructuring procedures and to promote a fresh start, more action is needed in some countries.
For the group of countries which have only formal restructuring procedures(BE, DE, FR, FI, SE, LV) the total savings for firms if they switched to the hybrid alternatives could be(with all due caveats) estimated to be around €135-223m.
Member States should also be able to limit the access to preventive restructuring frameworks to legal persons, since the financial difficulties of entrepreneurs may be efficientlyaddressed not only by means of preventive restructuring procedures but also by means of procedures which lead to a discharge of debt or by means of informal restructurings based on contractual agreements.
The Recommendation aims at establishing at an EU level minimum standards for(1)preventive restructuring procedures enabling debtors in financial difficulty to restructure at an early stage with the objective of avoiding their insolvency, and(2) discharge periods for honest bankrupt entrepreneurs which would allow them to have a second chance.
Member States shall ensure that debtors accessing preventive restructuring procedures remain totally, or at least partially, in control of their assets and the day-to-day operation of their business.
Clear, up-to-date, concise and user-friendly information on the available preventive restructuring procedures as well as one or more early warning tools should therefore be put in place to incentivise debtors that start to experience financial difficulties to take early action.
Member States shall collect and aggregate, on an annual basis, at national level, data on the number of debtors which were subject to restructuring procedures or insolvency procedures and which, within the three years prior to the submission of the application or the opening of such procedures, where such opening is provided for under national law,had a restructuring plan confirmed under a previous restructuring procedure implementing Title II.
Redundancy and Restructuring procedure.
The restructuring procedure should not be lengthy and costly and it should be flexible so that more steps can be taken out-of-court.
For these reasons, an efficient and coherent preventive restructuring procedure should exist in all Member States.
Where creditors or employees' representatives are allowed to initiate a restructuring procedure under national law and where the debtor is an SME, Member States should require the agreement of the debtor as a precondition for the initiation of the procedure, and should also be able to extend that requirement to debtors which are large enterprises.
Ensure that all Member States have an effective restructuring procedure in place, which.
Member States should be able to introduce aviability test as a condition for access to the preventive restructuring procedure provided for by this Directive.