The European Commission is launching an EU-wide interconnection of national insolvency registers by linking up databases from seven Member States.
"Access to cross-border insolvency information is crucial for a well-functioning internal market and European area of justice," said Johannes Hahn, EU Commissioner responsible for Justice. "Businesses are essential to creating prosperity and jobs and if we want investors to place their money in other European countries, insolvency information must be easily accessible, multilingual and transparent. By connecting the insolvency registers to the e-justice portal we will be doing exactly that. Today marks an important step forward in promoting efficient and effective justice to foster economic growth."
This first interconnection will serve as a one-stop shop for businesses, creditors and investors looking to invest in Europe. It will help business leaders and entrepreneurs carry out the same checks as they would when investing in their home country and will also support creditors looking to follow up insolvency cases taking place in another EU Member State – thanks to information being available at one web address: the European e-Justice Portal.