Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-11-15-Speech-2-434-764"
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"en.20111115.27.2-434-764"2
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"Disparities between national insolvency laws create competitive advantages or disadvantages and difficulties for companies with cross-border activities, which could become obstacles to the successful restructuring of insolvent companies. Even if the creation of a body of substantive insolvency law at EU level is not possible, there are certain areas of insolvency law where harmonisation is achievable. Insolvency law should be a tool for rescuing companies at Union level, to the benefit of the debtor, the creditors and the employees whenever possible.
I also believe that a legal framework should be established that better suits cases of companies which are temporarily insolvent. In each specific case, the reasons for the insolvency of a business must be investigated, and it must be ascertained whether the business’s financial difficulties are merely transient or whether the business is completely insolvent. The interlinking of national insolvency registers, leading to the creation of a generally accessible and comprehensive EU database of insolvency proceedings, would allow creditors, shareholders, employees and courts to determine whether insolvency proceedings have been opened in another Member State and to ascertain the deadlines and details for the presentation of claims. Such steps would promote cost-effective administration and increase transparency, while respecting data protection."@en1
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