Considerations on the Insolvency Proceedings for Individuals in Romania
Abstract
This paper aims to present the particularities of insolvency proceedings for individuals and to analyse the manner this matter was regulated in Romania through Law no. 151/2015 on insolvency proceedings for individuals, published in the Official Gazette, Part I, no. 464 of 26 June 2015, and whose entry into force has been delayed until the 1st of August 2017. Since 1989, up to the adoption of this new law, Romania has had no legal rules on bankruptcy of individuals. The current Romanian regulation - Law no. 85/2014 on insolvency prevention and insolvency proceedings, published in the Official Gazette, Part I, no. 466 of 25 June 2014, applies to legal entities and to individuals registered with the National Trade Register and who must meet the requirement of being a professional, as defined by Article 3 of the Romanian Civil Code. Article 1 of the new law stipulates its purpose as follows: "... the establishment of collective proceedings for the recovery of the financial situation of a debtor - an individual, acting in good faith -, the coverage of his/her liabilities to the greatest extent and his/her debt discharge ...". Article 5 of the law introduces the three forms of insolvency proceedings for individuals: administrative insolvency proceedings based on a repayment plan, judicial insolvency proceedings through liquidation of assets and the simplified procedure of insolvency. The debtor may choose one of the three forms, after considering their financial situation.
References
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