Council of European Union reaches agreement on insolvency proceedings for enterprises in crisis
Orlando: "An important step for our justice strategy for growth"

Mr Andrea Orlando, Italian Minister for Justice

The Council of Ministers of Justice of the European Union, which has gathered today in Luxembourg under the Italian Presidency, has reached political agreement on the final part of the Regulation on cross-border insolvency proceedings.

The review of the Regulation aims to better respond to the economic and financial crisis by creating a regulatory framework which favours enterprises, through measures for the conservation and renovation of firms in crisis or insolvent companies.

“Today’s achievement represents an important step for our justice strategy for growth” stated the President-in-Office of the Council of EU Ministers of Justice and Italian Minister Andrea Orlando. “Such result should be stressed within the current economic crisis context: the protection of enterprises and creditors can be achieved within a framework whose “polar star” will not be the bankruptcy of the entrepreneur in crisis anymore but, on the contrary, the bailing and recovery of his firm. It is a priority issue for the Italian Presidency. During negotiations, we will do our outmost to reach an agreement on the whole text by December”. 

Last update: 10 October 2014