When a company becomes insolvent, the protection of the general body of creditors can be achieved in different ways. Therefore, Member States should be able to provide that the duty of the directors to submit a request for the opening of insolvency proceedings can be discharged by informing the public of the company’s insolvency through a notification in a public register in order to ensure that the creditors are able to apply for insolvency proceedings. Furthermore, Member States should also be able to suspend the duty of directors to submit a request for the opening of insolvency proceedings if the directors take measures with a view to protecting the interests of the general body of creditors and those measures ensure a level of protection to the general body of creditors which is equivalent to that ensured by the submission of a request for the opening of insolvency proceedings. Such measures can include, for example measures taken by the owners of the company to restore the company’s solvency.
Text as published in the Official Journal, reproduced verbatim (including any typographical quirks of the source). For the authentic version, see EUR-Lex.
