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The European Commission (EC) is seeking to modernise European insolvency law in a bid to “fuel the economy”. A public consultation has been launched with a view to updating the current Insolvency Regulation which came into force in 2000. The current rules govern how the bankruptcies of both companies and individuals should be coordinated between several EU countries. However, the EC believes ‘considerable changes’ in the economic and political environment over the past 12 years require a ‘fresh look’ at the regulation. According to the EC some 220,000 businesses were liquidated in 2010 – about 600 every day.
“A modern insolvency law is essential for financial stability and for the efficiency of the financial system,” said EU justice commissioner Viviane Reding. “It is an essential part of a modern single market and encourages entrepreneurs to take risks....Read more here--: European Commission launches insolvency regulation consultation
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