Activities of Georgios KYRTSOS related to 2022/0408(COD)
Shadow opinions (1)
OPINION on the proposal for a directive of the European Parliament and of the Council harmonising certain aspects of insolvency law
Amendments (5)
Amendment 45 #
Proposal for a directive
Recital 2
Recital 2
(2) The wide differences in substantive insolvency laws acknowledged by Regulation (EU) 2015/848 of the European Parliament and of the Council32 create barriers to the internal market by reducing the attractiveness of cross-border investments, thus impacting the viability of economic operations and the cross- border movement of capital within the Union and to and from third countries. __________________ 32 Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings (OJ L 141 5.6.2015, p. 19).
Amendment 46 #
Proposal for a directive
Recital 2 a (new)
Recital 2 a (new)
(2a) Wide differences also exist in the application of insolvency law in Member States, in particular debt management, that disincentivise business undertaking; Member States should ensure that, where an over-indebted entrepreneur has professional debts incurred in the course of his or her trade, business, craft or profession, professional debts are to be treated, for the purposes of obtaining a discharge, separately from personal debts;
Amendment 47 #
Proposal for a directive
Recital 3
Recital 3
(3) Insolvency proceedings ensure the orderly winding down or restructuring of companies or entrepreneurs in financial and economic distress. These proceedings are key in financial investments, as they determine the final recovery value of such investments. Diverging rules among Member States have contributed to increasing legal uncertainty and unpredictability about insolvency proceedings’ outcome, so raising barriers especially for cross-border investments in the internal market. This uncertainty acts as a disincentive which obstructs the freedom of establishment of undertakings and the willingness to entrepreneurship thus harming the proper functioning of the internal market. Small and medium- sized enterprises, in particular, often lack the necessary resources to assess risks related to cross-border activities. Large divergences in recovery value and time required to complete insolvency proceedings across the Union have negative repercussions on cost predictability for creditors and investors in cross-border situations in the internal market.
Amendment 50 #
Proposal for a directive
Recital 4
Recital 4
(4) The integration of the internal market in the area of insolvency laws pursued by this Directive is a key tool for a more efficient functioning of the capital markets in the European Union, including greater access to corporate financing, while also preventing the build-up of non- performing loans (NPL). Therefore, it is necessary to set out minimum requirements in targeted areas of national insolvency proceedings, which have a significant impact on the efficiency and length of such proceedings, especially on cross-border insolvency proceedings.
Amendment 57 #
Proposal for a directive
Recital 39
Recital 39
(39) All microenterprises should be able to commence proceedings to address their financial difficulties and obtain a discharge. Access to simplified winding-up proceedings should not depend on the microenterprise’s ability to cover the administrative costs of such proceedings. The laws of the Member States should introduce rules for covering the costs of administering simplified winding-up proceedings where assets and sources of revenue of the debtor are insufficient to cover those costs. Member States should also provide second chance entrepreneurs with business support, access to up-to- date information on the availability of administrative, legal, business or financial support and any means available to them to facilitate the relaunching of entrepreneurship capacity.