SME action plan gives failed entrepreneurs a 2nd chance
News • Business • 28.02.2019 • Delano staff
Illustration photo. The fifth action plan was unveiled by SME and tourism minister Lex Delles (DP) on Thursday
Photo: Shutterstock
Luxembourg has developed a new version of its SME action plan, aimed at better helping small and medium-sized firms adopt digital tools and giving bankrupt entrepreneurs a second chance.
The fifth action plan was unveiled by SME and tourism minister Lex Delles (DP) on Thursday at the professional chambers.
Among its priorities are the digitisation of commercial and trades businesses, offering new measures, such as a facility to offer a second chance to bankrupt entrepreneurs to help them succeed after a failed business venture, and additional financial aid.
On the former point, last year Luxembourg MP Franz Fayot introduced a draft law to modernise bankruptcy legislation, which includes the right to a second chance. Bankruptcies have risen in recent years to reach record highs in 2018, as Delano reported in January.
Actions in favour of SMEs
The fifth action plan also includes measures from the previous action plan which have not been implemented or have been delayed.
"The new SME action plan will be developed in the coming months in close consultation with the employers' federations, as well as with the ministries and administrations concerned," Delles said at a press conference on Thursday, adding: "The measures provided for therein will serve as a basis for a large number of actions in favour of SMEs. The plan will form the basis of the policy for the development of small and medium-sized enterprises over the next few years."
According to the economy ministry SMEs employ more than 210,000 people in Luxembourg.
Lex Delles • DP • business • entrepreneur • SME
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