Commission proposes new approach to business insolvency in Europe – ACTmedia

The European Commission is for the first time presenting a set of European rules on business insolvency this Tuesday.

Well-functioning insolvency and restructuring systems are key to supporting economic growth and job creation. This initiative will increase the opportunities for companies in financial difficulties to restructure early on so as to prevent bankruptcy and avoid laying off staff. It will ensure that entrepreneurs get a second chance at doing business after a bankruptcy. It will also lead to more effective and efficient insolvency procedures throughout the EU.

First Vice-President Frans Timmermans said: “We want to help businesses to restructure in time, so …