EU Council Backs New Cross-Border Bankruptcy Regulations

Law360, New York (June 9, 2014, 6:23 PM EDT) -- The European Union's Justice Council on Monday backed a proposal to make wholesale changes to its regulations governing cross-border insolvency cases, including amendments that shift courts' focus away from liquidation.

The practical workings of the newly adopted proposals include regulations that will make it easier to save companies in cross-border insolvency cases from being liquidated, thus saving more jobs, the EU said. The new rules will also make it easier to restructure groups of companies and increase creditors' chances of being repaid by allowing the bankrupt...
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