EU Commission proposes new insolvency rules

The EU Commission aims to modernize Europe’s rules on cross-border business insolvency, easing up complex situations for businesses stricken by the economic crisis. “A second chance” for otherwise viable businesses, the rules will keep on protecting creditors’ rights, while allowing for the development of new ways of facing financial difficulties.
These proposals come in the context of the adopted "rescue and recovery" culture of the EU and are to affect an approximate number of 50 000 companies across the EU every year. The goals is an increase in the efficiency and effectiveness of cross-border insolvency proceedings
According to Vice-President and EU's Justice Commissioner Viviane Reding "Our current insolvency rules need updating to make it easier for viable businesses in financial difficulties to keep afloat rather than liquidating”.
Further information at http://europa.eu/rapid/press-release_IP-12-1354_en.htm?locale=en