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Bankruptcy - Restructuring, bankruptcy and a fresh start

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Entrepreneurship can trigger the creation of wealth and employment and within the EU entrepreneurial activity should be encouraged. Many in the EU feel that there is a stigma on failure, which works as deterrent to entrepreneurial initiative. This climate is contrasted with the climate in the US where business failure is in certain business communities considered as a learning experience. This report, prepared for the European Commission in November 2003, assesses national bankruptcy laws in the EU member states and the extent to which these act as a deterrent to business survival and a fresh start, as well as the effects of social stigma on the potential of entrepreneurs who have try but fail to try again.

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