European Insolvency Law (EIL)

European Insolvency Law (EIL) provides a legal framework across EU countries for handling situations when companies or individuals cannot pay their debts. It aims to promote fair, efficient, and predictable procedures for debt relief, restructuring, or liquidation, enabling viable businesses to recover while ensuring creditors are treated fairly. EIL fosters cooperation among member states to simplify cross-border insolvencies, reducing legal barriers, and increasing legal certainty. Overall, it seeks to balance the interests of debtors and creditors while supporting economic stability and cross-border trade within the European Union.