Press Release: European Commission seeks public input on a modern system of European insolvency law

The European Commission launched a public consultation on modernising EU rules governing insolvencies. The existing rules (the Insolvency Regulation) date from 2000 and set out how bankruptcies – of companies or individuals – should be coordinated between several EU countries.

The results of the consultation will help determine whether and how the existing Regulation needs to be revised in order to bolster businesses and strengthen the EU's Single Market. It forms part of the EU's efforts to preserve jobs and to promote economic recovery, sustainable growth and a higher investment rate, as set out in the Europe 2020 strategy.