Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-05-10-Speech-2-360-500"

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"The level of success in recovering unpaid debts is remarkably low. The removal of the debtor’s assets to another country has become a major problem for many creditors. A regulation providing for free-standing remedies that would allow interim measures to be ordered before, during and after the main proceedings will represent significant progress for European citizens in the fight against these dishonest debtors. The majority of European citizens are employees, and during this time of economic crisis they are becoming caught up too often in insolvency proceedings as the companies they work for go bankrupt. As shadow rapporteur on Mrs Girling’s draft opinion on insolvency proceedings, I felt there was a need for employees to be given greater legal protection and certainty, which should be harmonised, and above all to have effective remedy. I propose that when main insolvency proceedings are begun against an employer who is in debt the receiver should be allowed within a six-month period to order the preservation of assets, with backdated effect, where the company has taken steps to move its funds."@en1

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