Estonia joins the EU-wide insolvency registry

The European Commission launched a EU-wide interconnection of national insolvency registers, linking databases from Estonia, the Czech Republic, Germany, Netherlands, Austria, Romania and Slovenia, with others set to join at a later stage.

The database will be serve businesses, creditors and investors, who want to make checks before deciding to invest.

Alar Jäger, the deputy head of Krediidiinfo, an Estonian financial information company, said the definition of insolvency varies across the union, and the register could be a step towards aligning rules practices and definitions.

He said Estonian companies giving out credit to EU partners, such as asking for payment of goods and services after delivery, will benefit. Those type of companies make up 91 percent of businesses in Estonia.

Source: ERR News

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