Sec­ond chance promised for bank­rupt busi­ness own­ers

Kathimerini English - - Focus -

pro­posed yes­ter­day by the Euro­pean Com­mis­sion pro­vides a sec­ond chance to en­trepreneurs who go bank­rupt, as they will be com­pletely re­lieved of their debts af­ter a max­i­mum pe­riod of three years. The di­rec­tive pro­posal also aims to ac­cel­er­ate bank­ruptcy and re­struc­tur­ing pro­ce­dures, as Greece ranks 23rd among the Euro­pean Union’s 28 mem­ber-states in the ef­fi­ciency of bank­ruptcy pro­ce­dures. The av­er­age time of com­ple­tion is three­and-a-half years in Greece, against an EU av­er­age of two years.

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