The Corporate Enforcement Authority (CEA) has recently published an Information Note on the topic of Early Warning Tools and Restructuring Frameworks. The CEA states that the purpose of the document is to provide assistance to company directors in understanding certain aspects of the European Union (Preventive Restructuring) Regulations 2022.
Specifically, the Information Note has been prepared with a view to assisting company directors to understand the importance of maintaining adequate accounting records, what is meant by a company being in financial difficulty, being unable to pay its debts and being insolvent respectively, specific aspects of company directors’ duties where a company is in financial difficulty, and the potential consequences of non-compliance with company directors’ duties.
You can read the CEA news item on the Information Note here, the Information Note can be accessed here and a feedback statement from the CEA on the public consultation can also be accessed.
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