New Insolvency Rules for Cross-border Matters aimed at keeping
the Creditors and the troubled Business on Course came into force
in June 2017
In June 2017 new rules relating to cross-border insolvency debt
recovery came into force. The intention is of the new rules
is twofold, to enable an easier path to restructure for the failing
business and to assist the creditors of the company to recover
their money from the insolvent company. The new rules focus
on preventing and resolving conflicts of jurisdiction, which can
arise, and crucially recognises insolvency-related judgments across
the European Union.
Frans Timmermans, the European Commission First
Vice-President commented, "In a
real internal market, businesses that need to restructure should
not be hampered by conflicts over which national rules apply, nor
should national borders be an obstacle for creditors to recover
their claims. These new rules will support companies and investment
through increased
