Reinforcing and strengthening the insolvency framework

The objective of this reform is to strengthen the implementation of the insolvency framework, promote the use of insolvency schemes and tools, and ensure full and effective functioning of the Department of Insolvency.

The reform shall consist in:

(i) implementing the remaining measures and actions specified in the 2018 Action Plan that were not already implemented and

(ii) setting-up digital systems necessary for improving the work of the Department of Insolvency and which promote the use of the insolvency tools.

The Action Plan was approved by the Council of Ministers in 2018, and reflects the national policy for the field of insolvency.

This reform shall include actions such as digitalisation of systems (enhancement of existing systems and introduction of new ones), training delivered to the staff of the Department of Insolvency, implementation of a Customer Service line and a web portal for customers, and full implementation of the regulatory framework for Insolvency Practitioners.

The legal and institutional framework for insolvency has been implemented and is fully operational as of the end of 2023.

The implementation of the reform shall be completed by 30 June 2025.