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Insolvency: Commission recommends new approach to rescue businesses and give honest entrepreneurs a second chance

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The European Commission has set out a series of common principles for national insolvency procedures for businesses in financial difficulties.

"Businesses are essential to creating prosperity and jobs, but setting one up – and keeping it going – is tough, especially in today’s economic climate" said Vice-President Viviane Reding. "With a growing number of firms facing financial difficulties across Europe, we need to rethink our approach to company insolvencies."

The objective is to shift the focus away from liquidation towards encouraging viable businesses to restructure at an early stage so as to prevent insolvency.

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