IRSG response to the Commission's consultation on an effective insolvency framework within the EU

13 June 2016

Insolvency proceedings were identified by the International Regulatory Strategy Group in its response to the CMU Action Plan as one of the longer-term challenges of CMU.

While insolvency and other related areas, such as company law, remain a shared competence, the IRSG welcomes the Commission’s initiative and supports recommendations in the following four areas

1. Preventive restructuring frameworks

2. Promotion of rescue finance, extension of stay procedures in court-supervised restructurings and creditor-led restructuring plans

3. Discharge period limitation

4. Shortening of insolvency proceedings in particular for small and medium-sized enterprises (SMEs)

Full response

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