The European Commission has recognised the need to facilitate cross-border insolvency procedures by making access to information on insolvency available through a single point of reference. The European Commission has in a press release confirmed that it has launched a pilot project whereby databases from seven Member States have been grouped in a single point of reference. The seven member states are the Czech Republic, Germany, Estonia, Netherlands, Austria, Romania and Slovenia. More countries are expected to join this database in due course.
This pilot scheme is targeted primarily at assisting businesses, creditors and investors investing in the EU to have a one-stop-shop for carrying out searches on insolvent entities.