On Thursday, 28 March, MEPs approved by 327 votes to 34, with 142 abstentions, the Interinstitutional Agreement reached in December 2018 on the proposal for a directive establishing a minimum harmonisation of legal frameworks to deal with corporate insolvency (see EUROPE 12162/5).
Overall, the text leaves Member States some flexibility to adapt the new legislation to their existing frameworks. It also strengthens workers' rights, in particular the right to information, rights the European Parliament paid particular attention to, and points out that these must be safeguarded throughout the restructuring process of a company.
“Often failure is considered a stigma but actually, it is a part of the learning curb. Young people need to be motivated to set up companies and this directive will help them if there are difficulties”, commented Angelika Niebler (EPP, Germany), rapporteur on this issue.
It should be noted that a large part of the S&D group abstained from the vote, considering that the negotiations had been a “missed opportunity” to further improve workers' protection. (Original version in French by Marion Fontana)