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