Clifford Chance

A second chance for the European Insolvency Regulation: All change?

7 February 2014

On 5 February 580 out of 668 MEPs in Strasbourg voted in favour of updating the European Regulation on Insolvency Proceedings. The Regulation provides the current legislative framework governing cross border insolvency cases in Europe. It is generally accepted that changes are required to ensure that the Regulation keeps apace with the economic times and the amendments are seen as opportunity to take on board lessons learnt since its original enactment in May 2002. The proposals have been billed as giving viable businesses a second chance.

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