EU ministers back ‘second chance’ on corporate recovery

Published on June 6, 2014 by Crawfords Accounting

Too small to fail? Under proposed EU legislation on corporate recovery, that could the case for small businesses across Europe in the years to come.

EU ministers in the Justice Council voted on June 6th to support the European Commission’s proposals to modernise cross-border insolvency rules.

This includes a shift away from company insolvency, and towards corporate recovery where it is reasonably possible to achieve this.

EU justice commissioner Viviane Reding said: “Small and medium-sized enterprises are the backbone of the EU’s economy.

“Europe needs a ‘rescue and recovery’ culture for viable businesses – the modernised insolvency rules will facilitate a fresh start.”

Aside from potentially helping to reduce the rate of company insolvencies, this should have several broader positive implications.

These include safeguarding the jobs of those who work for companies in financial difficulty, as well as providing greater peace of mind for all employees in Europe.

Meanwhile, the potentially lower risk of complete business failure may allow more managers to gamble on growth, including investment into innovation, and generally more entrepreneurship across the continent.

http://europa.eu/rapid/press-release_MEMO-14-397_en.htm?locale=en

 

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