TITLE II PREVENTIVE RESTRUCTURING FRAMEWORKS

CHAPTER 4 Protection for new financing, interim financing and other restructuring related transactions

Article 18 Protection for other restructuring related transactions
1 Without prejudice to Article 17, Member States shall ensure that, in the event of any subsequent insolvency of a debtor, transactions that are reasonable and immediately necessary for the negotiation of a restructuring plan are not declared void, voidable or unenforceable on the ground that such transactions are detrimental to the general body of creditors, unless other additional grounds laid down by national law are present.
2 Member States may provide that paragraph 1 only applies where the plan is confirmed by a judicial or administrative authority or where such transactions were subject to ex ante control.
3 Member States may exclude from the application of paragraph 1 transactions that are carried out after the debtor has become unable to pay its debts as they fall due.
4 Transactions referred to in paragraph 1 shall include, as a minimum:
(a) the payment of fees for and costs of negotiating, adopting or confirming a restructuring plan;
(b) the payment of fees for and costs of seeking professional advice closely connected with the restructuring;
(c) the payment of workers' wages for work already carried out without prejudice to other protection provided in Union or national law;
(d) any payments and disbursements made in the ordinary course of business other than those referred to in points (a) to (c).
5 Without prejudice to Article 17, Member States shall ensure that, in the event of any subsequent insolvency of the debtor, transactions that are reasonable and immediately necessary for the implementation of a restructuring plan, and that are carried out in accordance with the restructuring plan confirmed by a judicial or administrative authority, are not declared void, voidable or unenforceable on the ground that such transactions are detrimental to the general body of creditors, unless other additional grounds laid down by national law are present.