The Council of the European Union adopted a proposal for a Directive on restructuring and insolvency. The Directive requires Member States to ensure that (i) that insolvent entrepreneurs have access to a procedure that can lead to a full discharge of debt, and (ii) certain measures are in place to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt. The key feature of the Directive, however, is the introduction of a preventive restructuring framework. The main elements of this framework are discussed below.