In certain cases, the directive requires the figure of insolvency restructuring, which is included in the reform of the insolvency law.
The rules relating to the appointment of the expert are set out in the title, in addition to the expert's status, functions, duties and liability regime.
This is very similar to that of a mediator who can facilitate negotiation between the parties, help debtors to restructure and facilitate court decisions when a dispute arises between the parties.
The most important responsibility is to prepare a report on the value of the company in the case of non-consensual plans. It does not intervene in or supervise the administration or the debtor's assets.
The restructuring expert and his appointment
The debtor could be replaced by the restructuring expert by means of the substitution request, managing the administration and disposal powers of the assets.
The debtor could object to the substitution of such powers but not to the appointment of a restructuring expert.
In that case the restructuring expert would be appointed as a mere interventionist if so decided by a judge. Creditors and debtors can agree on the appointment and also on his remuneration.
If there is no agreement, a judge will appoint the expert on the basis of the lists of appointed restructuring experts.
The remuneration, as a general rule, will be paid by the party requesting the appointment of the expert and will be agreed with a negotiation of fees between the requesting parties and the expert.
Source: elderecho.com
