European Parliament Votes in Favor of Promoting Cross-Border Rescue Culture

    View Author February 2014
    The European Union (EU) has sought to introduce an element of harmonization across its Member States, to facilitate the effective operation of cross-border insolvencies. Following a comprehensive review by the European Commission, the European Parliament on February 5, 2014, voted overwhelmingly in favor of implementing the European Commission’s recommendations for reforming the current system, to promote the rescue and recovery of distressed corporate entities across the EU. The next step for the proposals to become law is for the Member States of the EU in the Council to approve the proposals, which is expected to occur around June 2014.