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Caspian Energy Journal Caspian European Club
Wednesday, 09 July 2014 21:00

European Commission kicks off EU-wide interconnection of insolvency registers

On July 7 the European Commission is launching an EU-wide interconnection of national insolvency registers by linking up databases from seven Member States: the Czech Republic, Germany, Estonia, Netherlands, Austria, Romania and Slovenia - with more countries expected to join at a later stage. This first interconnection will serve as a one-stop shop for businesses, creditors and investors looking to invest in Europe. It will help business leaders and entrepreneurs carry out the same checks as they would when investing in their home country and will also support creditors looking to follow up insolvency cases taking place in another EU Member State – thanks to information being available at one web address: the European e-Justice Portal, Caspian Energy News (www.caspianenergy.net) reports with reference to the press service of European Commission.

Access to EU-wide insolvency registers will improve the efficiency and effectiveness of cross-border insolvency proceedings. The concrete benefits include:

Quicker, real-time access to insolvency information crucial for business decisions through a single point of access;

key insolvency information will be available free of charge, in the languages of the European Union;

clear explanations on the insolvency terminology and systems of the participating Member States will help users to better understand the content.

This pilot project is a first step towards an EU-wide network of insolvency registers. The initiative comes ahead of modernised European insolvency laws (IP/12/1354) that would make it obligatory (48 months after adoption) for Member States to publish key information on insolvency proceedings in electronic insolvency registers.

 

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