The Commission will propose a legislative initiative on business insolvency, including early restructuring and second chance, drawing on the experience of the Commission Recommendation on a new approach to business failure and insolvency addressed to the Member States (the “Insolvency Recommendation”) adopted on 12 March 2014. The initiative would seek to address the most important barriers to the free flow of capital, building on national regimes that work well. This finding has been confirmed by the Five-Presidents’-Report on “Completing Europe’s Economic and Monetary Union” which lists insolvency laws among the most important bottlenecks preventing the integration of capital markets and therefore to be addressed as a priority. The Single Market Strategy foresees an initiative regarding second chance.
This consultation seeks stakeholders’ views on key insolvency aspects. In particular, it seeks views with regard to common principles and standards which could ensure that national insolvency frameworks work well, especially in a cross-border context.
The responses will be used to identify which aspects may possibly be dealt with in the legislative initiative and which in other possible complimentary actions in this field. However, the results of the consultation are without prejudice to any action the Commission may take in this field.
The responses will be taken into account in the Commission’s impact assessment report in parallel with the results of an external study carried out for the Commission and other available information.
How to submit your contribution?
This consultation questionnaire can be filled out online and respondents are strongly encouraged to make use of this electronic tool when replying. Replies submitted by email or on paper to the addresses indicated below will also be taken into account.
It is not compulsory to answer all questions. Even if you are not an expert, please feel free to answer as many questions as you consider appropriate. In any case, please note that we cannot guarantee to be able to take account of replies received after the deadline of 12 June 2016).
All contributions will be published on the website of the European Commission, subject to data protection rules and the restrictions applicable to organisations.
Contact details for more Information:
DG Justice, Unit A1 – Civil Justice Policy
E-mail: JUST-CIVIL-COOP@ec.europa.eu
Postal address: European Commission
Directorate-general Justice
Unit A 1 Civil Justice Policy – Secretariat
Rue Montoyer 59, 2/74
1049 BRUSSELS, Belgium
Source: http://ec.europa.eu/justice/newsroom/civil/opinion/160321_en.htm