Under the radar, where there is only room for the delta variant of Covid-19 and inflation due to limited space, a recent news item has passed that changes are being prepared at the European Union level that will allow entrepreneurs to discharge their debts once in their working lifetime. Member states have so far regulated this differently, and even Croatia has offered citizens such an option twice in the past, but the directive from 2019 aims to standardize this practice at the Union level.
The directive on frameworks for preventive restructuring and providing a second chance, unlike regulations, requires member states to transpose the ‘spirit’ of the directive into their legislation within a certain timeframe, i.e., minimum legal thresholds applicable to all member states. Many will notice that failure in Croatia is not exactly limited, given the legal framework and judicial practice that allow many to open new companies without hindrance and abandon failed ventures to the wilderness of market reality. The directive should legally define and limit failure more clearly to enable those engaged in entrepreneurship because they genuinely want to create some added value for themselves and society to stumble once without it being the end of their entrepreneurial career or having to wait ages for a new beginning.
