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European Parliament backs Commission proposal to give viable businesses a 'second chance'

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The European Parliament has today backed with an overwhelming majority the European Commission's proposal to modernise Europe’s rules on cross-border insolvency.

The strong endorsement by the members of the European Parliament means the Commission’s proposal has now been approved by one of the European Union’s two co-legislators. Member States in the Council now need to reach agreement on the draft law, amongst themselves and with the European Parliament, in order for it to enter the EU's statute book.

The plenary vote follows a clear endorsement for the Commission’s initiative from the Parliament’s leading Legal Affairs Committee (JURI) on 17 December 2013 as well as a first positive orientation debate by Justice Ministers in the December Council.

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