- The European Second Chance Directive and the Second Chance Platform: legal solutions for insolvent citizens.
- The Foundation also presented the Erasmus+ VET program and the projects Sembrando Iniciativas and Rutas del Misterio as drivers of entrepreneurship.
Brussels, 19/05/2025 – Juan Manuel Revuelta, CEO of Finnova, presented the Second Chance Directive and the Second Chance Platform on Friday, May 9, during the 11th Economic Insolvency Congress held in Medellín, Colombia. This congress, organized by the Liborio Mejía Foundation, is held annually with the goal of fostering interdisciplinary dialogue, promoting effective solutions for debt management, and sharing best practices in conflict resolution.
The Second Chance Directive (Directive (EU) 2019/1023) came into force in mid-2019 to facilitate the early restructuring of viable businesses facing economic difficulties in order to avoid insolvency. Its main objective is to offer a second chance to entrepreneurs and viable companies by allowing them to avoid liquidation through effective restructuring plans with quick, accessible procedures that limit court involvement.
In the Colombian context, the country faces a collective debt of 673 million USD, with 4,500 citizens currently in a state of bankruptcy. This situation explains Finnova’s participation in the congress, where the directive was presented as a best practice in financial reorganization and entrepreneurship. In line with this directive, the Foundation launched the Second Chance Platform—an educational and practical initiative providing tools and resources to individuals facing insolvency, aiming to promote the proper implementation of the Second Chance Directive.
Also participating in the congress was Salvador Ibáñez, lawyer, economist, and driving force behind the Second Chance Platform. In his speech, Ibáñez discussed the evolution of bankruptcy law in Spain and its practical application within the European insolvency framework.
Continuing with the theme of entrepreneurship and economic reintegration, the Erasmus+ VET program was also presented during the congress. This program offers international mobility and cooperation opportunities to enhance the quality of vocational education, aimed at educational institutions, companies, and students. Erasmus+ VET fosters the development of skills, employability, and an entrepreneurial culture—key socioeconomic values to facilitate a second economic opportunity.
Additionally, the Sembrando Iniciativas project was introduced. Led by Finnova and funded by the European Union through the Next Generation EU Program, the initiative falls within the Strategic Project for the Recovery and Economic Transformation (PERTE) for the Social and Care Economy. The project focuses on female entrepreneurship within the social economy, addressing the challenges many women face when starting a business, such as limited access to resources, support networks, or specialized training.
Finally, from a territorial and socio-economic revitalization perspective, the Rutas del Misterio project was also presented. Like Sembrando Iniciativas, it is part of the PERTE for the Social and Care Economy and funded by the European Union through the Next Generation program. This initiative, led by Finnova, promotes cultural and heritage tourism as a tool for sustainable local development by valorizing stories, legends, and symbolic spaces to unlock the tourism potential of areas with unique identities that suffer from precarity or a lack of economic opportunities. In addition to fostering entrepreneurship in rural tourism, crafts, gastronomy, and cultural management, Rutas del Misterio supports a creative economy model that generates employment, promotes social cohesion, and contributes to the revitalization of vulnerable communities.