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european community documents

Volume 474: debated on Wednesday 26 March 2008

Motion made, and Question put forthwith, pursuant to Standing Order No. 119(9) (European Committees),

Insolvency and Second Chances

That this House takes note of European Union Document No. 13832/07, Commission Communication, Overcoming the Stigma of Business Failure—for a Second Chance Policy—implementing the Lisbon partnership for growth and jobs; agrees that it is desirable to make a distinction between honest and dishonest failure; acknowledges the Commission’s assertion that Member States need to encourage entrepreneurs who have failed through no fault of their own to try again; and further acknowledges that the interests of creditors of the failed business, and potential creditors, suppliers and customers who support the new venture need to be sufficiently protected.—[Mr. David.]

Question agreed to.