A NEW APPROACH TO BUSINESS FAILURE AND INSOLVENCY ACCORDING TO THE EUROPEAN COMMISSION RECOMMENDATION
A NEW APPROACH TO BUSINESS FAILURE AND INSOLVENCY ACCORDING TO THE EUROPEAN COMMISSION RECOMMENDATION

Summary/Abstract: In the current economic climate, the regulation of insolvency has priority in the legislative calendar, aiming at setting up effective systems, which would allow rescuing viable businesses and prevent producing of the adverse consequences of inappropriate bankruptcies. From this perspective, we analyzed the regulatory proposals addressed to Member States by the European Commission on facilitating recovery of companies and resumption of entrepreneurial activities. Within the Commission Recommendation issued in March 2014, were formulated certain minimum standards for the preventive restructuring frameworks concerning companies in financial difficulty and for the discharge of debts of honest entrepreneurs who have failed in business.

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