MSMEs have unique characteristics, that are not always taken into consideration by the law. The UN MSME Day represents an occasion to discuss their relevance, and to contribute to a debate on how best to promote environmentally responsible growth through MSMEs.
The UN General Assembly declared 27 June Micro-, Small and Medium-sized Enterprises Day, to raise public awareness of their contribution to sustainable development and the global economy.
Micro-, Small and Medium-Sized Enterprises (MSMEs) represent the backbone of modern economies across all continents. However, they had been particularly badly hit by the COVID-19 pandemic.
Many countries around the world have adopted, are currently adopting, or planning to adopt, special insolvency frameworks for MSMEs. This is not the case for the United Kingdom.
Dr Eugenio Vaccari (Lecturer in Law) draws on the rich academic literature and the several reports and recommendations from reputable international organisations to discuss whether the UK should consider regulatory reforms in the area, and the priorities that must be addressed by such reforms. His analysis is available here.
