The European Commission has today set out a series of common principles for national insolvency procedures for businesses experiencing financial difficulties. The aim of this initiative is to encourage viable businesses to restructure at an early stage so as to prevent insolvency.

As Vice-President Viviane Reding, the EU's Justice Commissioner stated: "Businesses are essential to creating prosperity and jobs, but setting one up – and keeping it going – is tough, especially in today’s economic...

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