New EU insolvency rules enter in force

New rules on cross-border insolvency proceedings, first proposed in 2012 and adopted by EU legislators in 2015 to facilitate debt recovery, entered into force throughout the European Union on Monday.

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. More….