Rüffel from Brussels: Because EU regulations on the use of electronic means of communication in insolvency proceedings, on sustainability reporting by companies and on faster approval procedures for sustainable energy projects were not implemented in time, three EU proceedings have now been opened against Austria.
According to the Commission, Austria has not fully implemented the Restructuring and Insolvency Directive. The directive requires parties involved in restructuring, insolvency and debt relief to be able to file claims, submit plans and notify creditors electronically. It entered into force in July 2019 and should have been transposed into national law by 17 July 2024.
Proceedings were initiated against 26 states
The Sustainability Reporting Directive requires large and listed companies to disclose information about the impact of their activities on people and the environment. Micro-enterprises are excluded. The new regulation applies to financial years starting on or after 1 January 2024. Austria also falls short in this area.
The new provisions of the Renewable Energy Directive to simplify and speed up approval procedures were also not implemented on time (as of 1 July 2024). However, Austria is in good company, as the European Commission had to start infringement procedures against 26 (!) EU states.
Austria and the other affected Member States have two months to respond to the letters of formal notice and to complete their implementation. Otherwise, the Commission may issue a reasoned opinion as a next step.
Source: Krone
I am Ida Scott, a journalist and content author with a passion for uncovering the truth. I have been writing professionally for Today Times Live since 2020 and specialize in political news. My career began when I was just 17; I had already developed a knack for research and an eye for detail which made me stand out from my peers.
