Article 40 — Duties of directors

1. Member States shall ensure that the directors of a company which becomes insolvent in accordance with national law have a duty to submit a request for the opening of insolvency proceedings, with the exception of preventive restructuring proceedings. In Member States where Regulation (EU) 2015/848 applies, the duty to submit a request for the opening of insolvency proceedings refers to the proceedings set out in Annex A to that Regulation, with the exception of preventive restructuring proceedings. 2. A request as referred to in paragraph 1 shall be submitted to the court or the authority competent for insolvency proceedings within three months of the directors having become aware, or being reasonably expected to have become aware, that the company is insolvent in accordance with national law.