Second chance promised for bankrupt business owners

A directive proposed on Tuesday by the European Commission provides a second chance to entrepreneurs who go bankrupt, as they will be completely relieved of their debts after a maximum period of three years.

The directive proposal also aims to accelerate bankruptcy and restructuring procedures, as Greece ranks 23rd among the European Union’s 28 member-states in the efficiency of bankruptcy procedures.

The average time of completion is three-and-a-half years in Greece, against an EU average of two years.