Small and Medium Sized Enterprises (SMEs) will be given a greater deal of legal flexibility to restructure than fail, just like they are able to do in the United States, according to the plan presented by Vera Jourova, the EU’s Justice Commissioner.

“Every year in the EU, 200,000 firms go bankrupt; which results in 1.7 million job losses. This could often be avoided if we had more efficient insolvency and restructuring procedures. It is high time to give entrepreneurs a second chance to resta...

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