A well-functioning and efficient insolvency framework are key ingredients of the dynamic business environment. Viable companies facing financial difficulties require early warning mechanisms and preventive restructuring frameworks to help them avoid bankruptcy. If a company can no longer be rescued, honest entrepreneurs who went bankrupt should still be offered a second chance.
The Commission has co-financed a 3-year pilot project, The early warning Europe tool (EWE), to lay the groundwork for the early warning mechanisms in the EU countries. The early warning mechanism aims to provide impartial and confidential assistance to
EU countries can benefit from the expertise, tools and solutions developed by the EWE project in its pilot phase when establishing the early warning mechanisms provided for in the Directive.