Recital (76)

To ensure enhanced transparency of the key features of national insolvency proceedings and, especially, to help cross-border creditors assess what would happen to their investments if those investments became involved in insolvency proceedings, investors and potential investors should be granted easy access to that information in a pre-defined, comparable and user-friendly format. Member States should prepare a standardised key information factsheet and make it available to the public. The Commission should make key information factsheets available to the public in a multilingual format. A key information factsheet would be an important tool for potential investors to make a quick assessment of a given Member State’s rules on insolvency proceedings. It should contain sufficient explanations to allow the reader to understand the information therein without having to refer to other sources of information. Key information factsheets should include practical information on the conditions that trigger the opening of insolvency proceedings as well as on the steps to be taken to request the opening of insolvency proceedings or to lodge a claim. Since Member States are already required to provide information on their national rules on insolvency procedures under Regulation (EU) 2015/848, it is important to ensure that information provided under this Directive is consistent with information provided under that Regulation. To that end, the Member States should be able to provide the information required by this Directive through the European Judicial Network in civil and commercial matters established by Council Decision 2001/470/EC.