Magazine article Business Credit

EU May Restrict Companies' Freedom to Restructure

Magazine article Business Credit

EU May Restrict Companies' Freedom to Restructure

Article excerpt

The CBI is concerned that the EU may restrict companies' freedom to restructure insisting that it would threaten many companies' long-term viability by undermining their ability to adapt to changing conditions. The employers' organization fears the EU will resurrect damaging proposals which would mean firms could only make redundancies when they are on the verge of bankruptcy. A consultation on restructuring is by far the most damaging of 33 initiatives announced by the European Commission as it sets out its social policy agenda for the next five years, they believe.

CBI Director General Sir Digby Jones, said: "This announcement will frustrate, not encourage, business hopes of a reform-minded commission. Markets, technologies and global competition change more quickly than ever. Companies have to be able to adapt quickly or go under. Restructuring must be seen as positive. It is a means to further growth and development. It keeps Europeans in work by enabling their companies to find ways of fighting off competition from the low cost economies of India and China. …

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