A request for the opening of insolvency proceedings should be submitted within a specified time limit. Member States should ensure that that time limit is no longer than three months from the moment the directors become aware, or can be reasonably expected to have become aware, that the company is insolvent. If the company regains its solvency before the expiry of that time limit, but becomes insolvent again thereafter, Member States should be able to provide that a new time limit runs from that moment.
Text as published in the Official Journal, reproduced verbatim (including any typographical quirks of the source). For the authentic version, see EUR-Lex.
