Local view for "http://purl.org/linkedpolitics/eu/plenary/2014-02-05-Speech-3-529-375"
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"en.20140205.61.3-529-375"2
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"The EU needs to update its legislation establishing a European-wide framework for cross-border insolvency proceedings. We need to step up efforts to stamp out ‘bankruptcy tourism’ or forum shopping such as practiced by a number of high-profile rogue developers in Ireland over recent years. We need clearer rules aimed at determining the jurisdiction for insolvency proceedings and ensuring that when a debtor is faced with proceedings in several Member States, the courts handling the different proceedings must work closely with one another and that Member States must notify each other about the opening of proceedings. I particularly welcome the European Parliament’s support for a tighter definition of the centre of main interests as the place where a debtor conducts the administration of their interests on a regular basis for at least three months before the opening of insolvency proceedings and for further harmonisation measures to introduce preferential rights for employees. I would urge the Council and the Commission to work closely with MEPs over the coming months so that we can quickly agree a strengthened insolvency regulation."@en1
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