Press Release: Justice Ministers agree on modern insolvency rules

A 'rescue and recovery' approach to insolvency would give viable businesses a second chance when facing financial difficulties cross-border – following a political agreement by ministers in the Justice Council on the 4 December 2014.

The modernised rules would make it easier for businesses to restructure and for creditors to get their money back, as well as ensuring that procedures for cross-border insolvencies were effective and efficient.

• Primary Source

European Commission: DG Justice: Civil Justice: Civil and commercial matters: Insolvency proceedings http://ec.europa.eu/justice/civil/commercial/insolvency/index_en.htm

ESO: Background information: 3354th Council meeting Justice and Home Affairs (Justice) - Brussels, 4 December 2014 http://www.europeansources.info/record/press-release-3354th-council-meeting-justice-and-home-affairs-justice-brussels-4-december-2014/

Council of the European Union: Press Release, 04.12.14: Insolvency proceedings: new rules to promote economic recovery http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/jha/146041.pdf

ESO: Background information: Modern Insolvency Rules: European Commission kicks off EU-wide interconnection of insolvency registers http://www.europeansources.info/record/press-release-modern-insolvency-rules-european-commission-kicks-off-eu-wide-interconnection-of-insolvency-registers/

ESO: Background information: Insolvency: European Parliament backs Commission proposal to give viable businesses a 'second chance' http://www.europeansources.info/record/memo-insolvency-european-parliament-backs-commission-proposal-to-give-viable-businesses-a-second-chance/

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