On 30 March 2012, the European Commission launched a public consultation on modernising EU rules governing insolvencies. The existing rules (the Insolvency Regulation) date from 2000 and set out how bankruptcies - of companies or individuals - should be coordinated between several EU countries.
The results of the consultation will help determine whether and how the existing Regulation needs to be revised in order to bolster businesses and strengthen the EU's Single Market. It forms part of the EU's efforts to preserve jobs and to promote economic recovery, sustainable growth and a higher investment rate, as set out in the Europe 2020 strategy.
The consultation is open until 21 June 2012. Small and large businesses, self-employed individuals, insolvency practitioners, judicial authorities, public authorities, creditors, academics and the general public are invited to give their input on their experience with insolvency and in particular cross-border insolvency.
More information: http://ec.europa.eu/justice/newsroom/civil/opinion/120326_en.htm