Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-11-15-Speech-2-434-265"
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"en.20111115.27.2-434-265"2
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"I voted in favour of the report as I feel that insolvency procedures need to be harmonised. The Insolvency Regulation’s area of application should be extended. Insolvency entails adverse consequences for the economies of Member States. It can create difficulties for companies involved in cross-border activities. At the same time, disparities between national legislations in this area affect competitiveness.
Insolvency of a group of companies may lead to multiple insolvency proceedings. However, I should point out that there are no legislative provisions at EU level on the insolvency of groups of companies. This shortcoming may have major adverse consequences. Differences in the main procedures should be avoided. Suitable procedural guarantees need to be introduced. At the same time, the balance needs to be reinforced between the interest of the entrepreneur in looking to save his or her company and the interest of the creditors in protecting their debts. I welcome the idea of creating an EU-level insolvency registry."@en1
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