Commenting on the publication today by the European Commission of the legislative proposal on insolvency, Simon Lewis, Chief Executive of AFME, said:
“The Commission’s proposed directive on insolvency reform is a big step in the Capital Markets Union project as it addresses the problems caused by divergent national insolvency regulations across Europe.
“Successful implementation of minimum standards will require consistent adoption at member state level. AFME has long advocated closer harmonisation of insolvency standards across Europe to embed key elements of effective insolvency laws and practices into national systems. We are therefore pleased to see this directive published.
“Creating a consistent EU insolvency framework will benefit Europe’s capital markets and the economy in general by providing greater certainty for market participants, reducing costs for investors, increasing recovery rates and making it easier to turn around viable businesses.”
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