| Author (Corporate) | Council of the European Union: General Secretariat |
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| Series Title | Press Release |
| Series Details | PRES/15/111 (12.03.15) |
| Publication Date | 12/03/2015 |
| Content Type | News |
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On 12 March 2015 the Council of the European Union formally adopted its position on new EU-wide rules on insolvency proceedings. This enabled the European Parliament, with which an agreement on a compromise package in relation to the new rules had been already found in November 2014, to adopt the text at second reading at its session of May 2015. The new rules were aimed at making cross-border insolvency proceedings more efficient and effective, benefiting debtors and creditors, facilitating the survival of businesses and presenting a second chance for entrepreneurs. They might also bring the current insolvency regulation into line with developments in national insolvency laws introduced since its entry into force in 2002. |
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| Source Link | Link to Main Source http://www.consilium.europa.eu/en/press/press-releases/2015/03/12-insolvency-proceedings-new-rules-to-promote-economic-recovery/ |
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| Subject Categories | Law |
| Countries / Regions | Europe |
