One single EU rulebook for bankruptcy

The EPP Group is bringing the harmonisation of business bankruptcy laws across the European Union to a final vote in Parliament's plenary today. Harmonising insolvency procedures across Europe will make it easier for businesses, clients and investors to operate across borders and help unlock the full potential of the Capital Markets Union.

“The new EU rules will make bankruptcy procedures faster and more cost-effective while strengthening protection for all parties involved. For too long, highly fragmented insolvency rules across the EU have been a key obstacle to the development of the capital market and cross-border investment,” says the European Parliament negotiator Emil Radev MEP, ahead of today's vote.

The new rules will, among other things, strengthen protection for creditors and workers, improve the traceability of assets in cross-border situations, establish emergency measures for crises such as COVID, and facilitate the sale of insolvent companies as a functioning business.

“The reform will bring greater legal certainty for businesses and investors, boost cross-border investment and strengthen confidence in the European economy,” concludes Radev.