Measures contemplated by the EU aimed to help honest entrepreneurs who went bankrupt or were on the verge of doing so to provide them with opportunities to launch a new business quickly.

Finance Minister Tonio Fenech told Carmelo Abela (PL) that these measures ensured these entrepreneurs were not discriminated against and would be given the same treatment as those launching a business for the first time.

Best practices were being shared among EU-member states that could perhaps be implemented in future. One such suggestion would be to introduce out-of-court procedures for debtors and courts specialised in cases of business failure.

Answering a supplementary question by Noel Farrugia (PL), the minister said the recommendation for the strategy for Maltese industry 2007-2010 was implemented through schemes and legal notices, while a framework was being discussed at EU level.

Sign up to our free newsletters

Get the best updates straight to your inbox:
Please select at least one mailing list.

You can unsubscribe at any time by clicking the link in the footer of our emails. We use Mailchimp as our marketing platform. By subscribing, you acknowledge that your information will be transferred to Mailchimp for processing.