On Tuesday 22 November, the European Commission proposed that the EU adopt a single legal framework to deal with corporate insolvency. The aim is principally to deal with problems as early as possible in order to give honest entrepreneurs a second chance.
Every year, across the EU, 200,000 businesses fail, bringing about the loss of 1.7 million jobs. Very often, the insolvency could have been avoided if there had been more effective insolvency and restructuring procedures in place, commented...