Fabian Demicoli

Insolvency:

Commission recommends new approach to rescue businesses and give honest
entrepreneurs a second chance – The European
Commission has set out a series of common principles for national insolvency
procedures for businesses in financial difficulties.
The objective is to shift
the focus away from liquidation towards encouraging viable businesses to
restructure at an early stage so as to prevent insolvency. "Businesses are
essential to creating prosperity and jobs, but setting one up – and keeping it
going – is tough, especially in today's economic climate" said
Vice-President Viviane Reding. "With a growing number of firms facing
financial difficulties across Europe, we need to rethink our approach to
company insolvencies."

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