Joint statement by First Vice-President Timmermans and Commissioner Jourová welcoming the political agreement on a new approach to business insolvency in Europe


First Vice-President Frans Timmermans and Commissioner for Justice, Consumers and Gender Equality, Vĕra Jourová welcomed the political agreement reached by the European Parliament and EU Member States on a set of European rules on business insolvency:  

“Today’s agreement on our proposal on insolvency is good news for companies, entrepreneurs and ultimately for investment and growth. Every year 200,000 companies go bankrupt throughout the EU, resulting in 1.7 million jobs lost. The introduction of common rules at EU level will make insolvency, restructuring and discharge procedures more efficient, building on those systems that already work well in Member States. It will encourage businesses to restructure early so that value can be better preserved and more jobs saved. It will also give honest entrepreneurs a second chance to start a new business instead of being penalised for failing in their first business attempt. With these new rules, we are also removing barriers for cross-border investment and contributing to building a Capital Markets Union. We want to thank the European Parliament and the Member States for the good cooperation which made it possible to reach an agreement today.”

The full statement is available online.