Preventive restructuring would allow big or medium-sized companies that are likely to become insolvent within a year to start seeking agreement with creditor on financial restructuring.

The procedure would need the consent of creditors accounting for at least 30% of all claims unless two years have passed since the previous preventive restructuring process, court-mandated debt restructuring or receivership have been launched, or if less then two years passed since the debtor met all obligations from the last preventive restructuring.

In the cases listed, 75% of creditors would need to agree with preventive restructuring and the same majority would be needed to adopt a financial restructuring agreement.

After such a procedure is launched, court-mandated debt restructuring could not be proposed and rulings on receivership and the execution of claims halted.

New rules are moreover planned for court-mandated debt restructuring at big or medium-sized companies, as the procedure could also be launched by creditors, who could moreover draw up a financial restructuring plan and in some cases demand that the court grant them management right

The changes would scrap the condition that at least 50% of claims have to be paid within four years of debt restructuring.

Additional changes were introduced to the proposal after Monday's meeting with trade unions. Thus, preventive restructuring could be halted if wages run late for more than 15 days and workers could propose receivership if wages are two months late and not three as set down in the existing act.