Insolvency laws are the rules governing the legal proceedings
applicable to companies unable to repay debts as they fall due.
The
convergence of non-financial companies' insolvency laws across the
Member States is high on the EU's policy agenda: the two reports
requested from former Italian prime ministers Enrico Letta and Mario
Draghi both emphasised the importance of the convergence of insolvency
laws for the defragmentation and proper functioning of EU capital
markets.
This would help unlock capital and support both the EU's green
and digital transitions and its competitiveness in general.
In 2019, the
EU adopted a directive to harmonise the preventive restructuring
framework.
The European Parliament and the Council are currently
debating a European Commission proposal on the harmonisation of certain
aspects of insolvency regimes. (...)
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