| Author (Corporate) | European Commission: DG Justice |
|---|---|
| Series Details | COM (2022) 702 |
| Publication Date | 07/12/2022 |
| Content Type | Policy-making |
Summary:Legislative initiative tabled by the European Commission on 7 December 2022, seeking to harmonise aspects of insolvency proceedings across the European Union (EU). This is a text with EEA relevance. Further information:The lack of harmonised insolvency regimes has been identified as one of the key obstacles to the freedom of capital movement in the EU and to greater integration of the EU's capital markets. Rules are fragmented along national lines, and so they deliver different outcomes across Member States. It also creates legal uncertainty as regards the outcomes of insolvency proceedings and lead to higher information and learning costs for cross-border creditors compared to those who only operate domestically. This draft law seeks to reduce the fragmentation of insolvency regimes and to create common standards across all Member States, thus facilitating cross-border investment. EU-wide measures aim to ensure a level playing field and avoid distortions of cross-border investment decisions caused by lack of information about and differences in the designs of insolvency regimes. It was adopted by the European Commission on 7 December 2022, as part of a legislative package aimed at further developing the Capital Markets Union (CMU). |
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| Source Link | Link to Main Source https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=COM:2022:702:FIN |
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| Subject Categories | Business and Industry, Internal Markets, Law |
| Subject Tags | Capital Markets Union [CMU], Company | Corporate Law |
| Keywords | Harmonisation | Standardisation, Insolvency |
| International Organisations | European Union [EU] |
