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The long-awaited amendment "H" of the Slovenian Financial Operations, Insolvency Proceedings and Compulsory Dissolution Act (the "Act") entered into force on 1 November 2023. The new provisions complete the transposition of Directive 2019/1023,[1] introducing three crucial sets of changes to the Slovenian insolvency and restructuring legislation.
They say patience is the best remedy, and the same holds true for the legislative framework of insolvency. After patiently waiting for amendment "H" to be adopted, we are now patiently observing and helping to shape the implementation of these novelties in legal practice.
[1] Directive (EU) 2019/1023 of the European Parliament and of the Council of 20 June 2019 on preventive restructuring frameworks, on discharge of debt and disqualifications, and on measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt, and amending Directive (EU) 2017/1132.
[2] The Act defines insolvency as a situation where the debtor (i) within an extended period of time is not able to settle all of their liabilities falling due within such period of time (illiquidity), or (ii) cannot settle its liabilities in the longer term (e.g. the value of its assets is lower than the value of its liabilities, or the company's losses add up to half of the company's registered capital and those losses cannot be covered by profits or reserves – over-indebtedness).