Consultation outcome

European Commission recommendation on business failure and insolvency: Call for evidence

This consultation has concluded

Download the full outcome

UK Response to Commission Questionnaire on Recommendation on a new approach to business failure and insolvency

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Detail of outcome

In March 2014 the European Commission issued a Recommendation considering a new approach to business failure and insolvency. The objective of this Recommendation was: “to encourage Member States to put in place a framework that enables the efficient restructuring of viable enterprises in financial difficulty” and to “give honest entrepreneurs a second chance”.

It sets out minimum standards for how it suggests this could be achieved. As part of the Recommendation, the Commission promised to review the Recommendation after 12 months. The attached is the UK’s contribution to the review, following the call for evidence that was conducted in February to March 2015.

Feedback received

User feedback

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Detail of feedback received

We received 19 responses to this consultation, but are publishing 18 as one is from an individual who has not provided permission to publish.

Original consultation

Summary

Call for evidence inviting views on the European Commission's Recommendation on a new approach to business failure and insolvency and on how the UK currently compares against the minimum standards set out in this Recommendation.

This consultation ran from
to

Consultation description

In March 2014 the European Commission issued a Recommendation considering a new approach to business failure and insolvency. The objective of this Recommendation was: “to encourage Member States to put in place a framework that enables the efficient restructuring of viable enterprises in financial difficulty” and to “give honest entrepreneurs a second chance”. It sets out minimum standards for how it suggests this could be achieved.

Action required

The Government invites industry experts and other stakeholders to consider whether implementation of the minimum standards set out in the Recommendation, by member states, would really have the effect the Commission desires, and how the UK currently compares against the minimum standards set out. The call for evidence will close on 17 March 2015.

Documents

Call for evidence

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Published 4 February 2015