According to Eurostat data, bankruptcies were on the rise in 2023 for the European Union (EU), hitting a record high in the second quarter,[1] though they eased in the fourth quarter.[2] [3] Still, they remain above pre-pandemic levels.
In the world of international finance, navigating the complexities of corporate insolvency processes, particularly across borders, can be tricky. As a former insolvency practitioner and trustee, I would often find myself grappling with the intricacies of different national insolvency laws when dealing with cross-border cases. The patchwork of various national rules often leads to inefficiencies and legal complications that hinder fair and consistent outcomes and can impede timely resolutions and the recovery of assets.
Harmonising the rules and procedures for insolvency cases across the
EU would simplify the processes, minimise uncertainties, and allow for a
more consistent and standardised approach. This would ultimately help
reduce costs and increase the prospects of rescuing viable businesses. (...)
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