Press Release: Commission seeks public input on European approach to business insolvency

The European Commission launched a public consultation on 5 July 2013 on a European approach to business failure and insolvency, which puts the focus on helping sound businesses to survive and honest entrepreneurs to get a second chance while protecting creditors' right to get their money back.

Procedures should be speedy and efficient, in the interest of both debtors and creditors, and should help safeguard jobs, help suppliers to keep their customers, and owners to retain value in viable companies. Disparities between national insolvency laws can create legal uncertainty and an unfriendly business environment.

• Primary Source

ESO: Background Information: Giving honest businesses a second chance: Commission proposes modern insolvency rules http://www.europeansources.info/record/press-release-giving-honest-businesses-a-second-chance-commission-proposes-modern-insolvency-rules/

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