The new rules aim at facilitating debt recovery in cross-border insolvency proceedings. They will make it easier for businesses to restructure and for creditors to get their money back, by ensuring that collective procedures for cross-border debt recovery are effective and efficient. The Regulation focuses on resolving the conflicts of jurisdiction and laws in cross-border insolvency proceedings. It also ensures the recognition of insolvency-related judgments across the EU.
European Commission First Vice-President Timmermans said:““In a real internal market businesses who need to restructure should not be hampered by conflicts over which national rules apply, nor should national borders be an obstacle for creditors to recover thei…
Read the full article at: http://europa.eu/rapid/press-release_IP-17-1743_en.htm