Insolvency means the inability to pay one's debts as they fall due. Usually used in business terms, insolvency refers to the inability for an 'unlimited liability' company to pay off its debts.
Insolvency registers are a very important source of information of a legal nature for facilitating daily tasks of citizens, legal professionals, state authorities, companies and other interested parties. They facilitate access to official and trusted insolvency-related information to banks, creditors, business partners and consumers. This information enhances transparency and legal certainty in European Union markets.
In Europe, insolvency registers offer a range of services; the extent and type of data varies between the different Member States. For example, Member States that have separate insolvency registers publish information on all stages of the insolvency proceedings and on the parties to such proceedings. Where Member States make insolvency data available through other registers the situation is more diverse. Some countries only publish the name and the status of a company; others include information about all stages of the proceedings.
However, the core services provided by all registers are to register, examine and store insolvency information and to make this information available to the public.
Currently, the insolvency registers of a few Member States take part in a multilateral project interconnecting their registers. . It is expected that development will be expanded to enable citizens, businesses and public authorities to subscribe to the services of this network too. Subscription will enable them to search for insolvency information through all the participating registers by submitting a single query in their own language.
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Last update: 19/02/2014