Small companies in Europe will find it easier to bounce back under new rules proposed by the European Commission as it takes the first step toward harmonizing the blocs disparate insolvency framework to boost entrepreneurship and growth.
The plan, launched by the European Unions executive arm Tuesday, stipulates that small businesses are given greater legal flexibility to restructure rather than go bust when strugglingsimilar to U.S. Chapter 11 bankruptcy laws. It also looks to assist business owners by removing the burden of legacy debt accrued from a failed endeavor, giving them a so-called second chance.
Every year…
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