The European Union has introduced a restructuring scheme through the EU Directive on Restructuring and Insolvency of 20 June 2019. The Directive aims to offer a more attractive and flexible restructuring scheme in member states' respective local law. Only a few countries had implemented the Directive within the initial deadline, while others made use of the possibility to ask for a one-year extension. In April 2021, an overview of the status of implementation was published. The Directive was also in part a reaction to the forum shopping phenomenon observed with continental European companies in a financial crisis. The Directive made it mandatory for EU Member States to offer a "preventive restructuring framework" ("Framework").
