Memo: UK and Ireland ask to join EU Insolvency Rules

On 23 April 2013, both the United Kingdom and Ireland announced their decision to join the Commission’s proposal to modernise current EU rules on cross border insolvency, which date from 2000.

The new rules aim to shift focus away from liquidation and develop a new approach to helping businesses overcome financial difficulties, all the while protecting creditors' right to get their money back. They will also increase the efficiency and effectiveness of cross-border insolvency proceedings, affecting an estimated 50,000 companies across the EU every year.

• 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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