Press Release: Modern insolvency rules—European Commission kicks off EU-wide interconnection of insolvency registers

Original news:

Insolvency registers in the Czech Republic, Germany, Estonia, Netherlands, Austria, Romania and Slovenia are to be joined up under a European Commission initiative to create a one-stop shop for businesses, creditors and investors who want to invest in the EU. The pilot scheme aims to help businesses carry out checks in the same way as they would when investing in their home country. More countries are expected to join the interconnected insolvency register in the near future.

For info see the European Commission website: Europa

Background

The pilot is the first step towards creating an EU-wide network for insolvency registers. The initiative has been made ahead of the modernisation of EU laws which would make it obligatory for member states to publish their information on insolvencies on an electronic insolvencies register.

The registers can be accessed through the e-Justice Portal

Register

The benefits of the EU-wide registers are:

quicker access to insolvency information

provision of information free of charge

clear explanations of insolvency terminology and systems

e-Justice Portal

The portal enables cross-border access to citizens, businesses and legal practitioners across the EU. It provides information and links on the laws and practices in all member states.

Since its launch in 2010, the number of visits to the portal has reached 1.6m.

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