Press Release: Insolvency: throwing a lifeline to struggling companies

The European Parliament approved on 20 May 2015, in second reading, new rules on insolvency which allow struggling companies to be given a second chance to improve their financial situation.

According to the press release, every year 1.7 million jobs were being lost in the European Union due to companies going bankrupt. Under the new legislation on cross-border insolvencies, companies in financial difficulties but otherwise sound are given another opportunity to turn the situation around. The plans also include measures to help firms before they go bust.

• Primary Source

ESO: Background information: Insolvency proceedings: new rules to promote economic recovery http://www.europeansources.info/record/press-release-insolvency-proceedings-new-rules-to-promote-economic-recovery/

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