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Article 3

Article 3 — Early warning and access to information

  1. Member States shall ensure that debtors have access to one or more clear and transparent early warning tools which can detect circumstances that could give rise to a likelihood of insolvency and can signal to them the need to act without delay.

    For the purposes of the first subparagraph, Member States may make use of up-to-date IT technologies for notifications and for communication.

  2. Early warning tools may include the following:
    1. alert mechanisms when the debtor has not made certain types of payments;
    2. advisory services provided by public or private organisations.
    3. incentives under national law for third parties with relevant information about the debtor, such as accountants, tax and social security authorities, to flag to the debtor a negative development.
  3. Member States shall ensure that debtors and employees' representatives have access to relevant and up-to-date information about the availability of early warning tools as well as of the procedures and measures concerning restructuring and discharge of debt.
  4. Member States shall ensure that information on access to early warning tools is publicly available online and that, in particular for SMEs, it is easily accessible and presented in a user-friendly manner.
  5. Member States may provide support to employees' representatives for the assessment of the economic situation of the debtor.