Press Release: Giving honest businesses a second chance: Commission proposes modern insolvency rules

Businesses hit by the economic crisis will be thrown a lifeline under a new proposal from the European Commission today to modernise Europe’s rules on cross-border business insolvency, helping to give otherwise viable businesses a ‘second chance’. The Commission is proposing to modernise the current rules on cross border insolvency which date from 2000.

Benefiting from ten years of experience, the new rules will shift focus away from liquidation and develop a new approach to helping businesses overcome financial difficulties, all the while protecting creditors' right to get their money back.

• Primary Source

European Commission: Memo/12/969: Questions and Answers: Towards a new European approach to business failure and insolvency http://europa.eu/rapid/press-release_MEMO-12-969_en.htm

European Commission: Speech/12/945: Viviane Reding: Modern insolvency rules to give businesses a second chance http://europa.eu/rapid/press-release_SPEECH-12-945_en.htm

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