European Commission recommendation on business failure and insolvency: Call for evidence
Read the full outcome
Detail of outcome
In March 2014 the European Commission issued a Recommendation considering a new approach to business failure and insolvency. 皇冠体育app objective of this Recommendation was: 鈥渢o encourage Member States to put in place a framework that enables the efficient restructuring of viable enterprises in financial difficulty鈥� and to 鈥済ive honest entrepreneurs a second chance鈥�.
It sets out minimum standards for how it suggests this could be achieved. As part of the Recommendation, the Commission promised to review the Recommendation after 12 months. 皇冠体育app attached is the UK鈥檚 contribution to the review, following the call for evidence that was conducted in February to March 2015.
We received 19 responses to this consultation, but are publishing 18 as one is from an individual who has not provided permission to publish.
Original call for evidence
Call for evidence description
In March 2014 the European Commission issued a Recommendation considering a new approach to business failure and insolvency. 皇冠体育app objective of this Recommendation was: 鈥渢o encourage Member States to put in place a framework that enables the efficient restructuring of viable enterprises in financial difficulty鈥� and to 鈥済ive honest entrepreneurs a second chance鈥�. It sets out minimum standards for how it suggests this could be achieved.
Action required
皇冠体育app Government invites industry experts and other stakeholders to consider whether implementation of the minimum standards set out in the Recommendation, by member states, would really have the effect the Commission desires, and how the UK currently compares against the minimum standards set out. 皇冠体育app call for evidence will close on 17 March 2015.