March 1, 2011
Regarding ‘How many bankrupt companies get a second chance?‘:
While it is unfortunate that some companies’ entrepreuneurship may lead to bankruptcy, I have often come across companies who have been able to close down leaving a trail of debt to several creditors (victims) only to re-establish themselves up to three times more as a new venture under a different or similar name. Often these companies simply aim to secure handsome EU subsidies in poorer areas only to then fold up and leave behind misery once again after having already diverted resources from already-working regions.
While I understand that true entrepreneurship should be rewarded and encouraged, bodies like the European Commission (and banks, too) have a clear responsibility to carefully consider how and to whom our funds are made available so readily.
Thank you for your kind acknowledgment.
Doris ReedAuthor : Letters to the EurActiv editor