Directive on Insolvency

The Directive on Insolvency is a set of rules established by the European Union aimed at harmonizing and improving how member states handle insolvency, or financial failure. Its goal is to create a fair process for businesses and individuals facing bankruptcy, allowing them to restructure debts and recover where possible. The Directive emphasizes cross-border cooperation, ensuring that creditors are treated equitably and that insolvency procedures are efficient. Overall, it seeks to support economic stability and growth by providing clear pathways for resolving financial troubles while protecting the rights of all parties involved.