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Modern insolvency rules: EU Ministers back Commission proposal to give honest businesses a second chance

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National ministers in the Justice Council back the Commission's proposal to modernise European rules on cross-border insolvency.

"Today's agreement in the Council brings Europe one step closer to providing better conditions for businesses and creditors alike," said Vice-President Viviane Reding, the EU's Justice Commissioner. "Small and medium-sized enterprises are the backbone of the EU's economy. Europe needs a ‘rescue and recovery’ culture for viable businesses – the modernised insolvency rules will facilitate a fresh start. The changes will allow for increased entrepreneurship in Europe, boosting growth and jobs. Citizens can also rest assured that when their employer faces financial difficulties, the business will stand a better chance of survival."

The modernised Insolvency Regulation will provide a new approach to help businesses overcome financial difficulties, shifting the focus away from liquidation, while protecting creditors' right to get their money back.

Press memo
Press release on proposal (12/12/2012)

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