Restructuring & Insolvency in Romania: a complete guide, Lexology Navigator, August 2018

What is the primary legislation governing insolvency and restructuring proceedings in your jurisdiction?

The primary legislation governing insolvency and restructuring proceedings is Law 85/2014 on preventing insolvency and insolvency proceedings.

On an international spectrum, is your jurisdiction more creditor or debtor friendly?

Although intended to protect the interests of both debtors and creditors, practitioners believe that Law 85/2014 is more creditor friendly. However, this is determined on a case-by-case basis depending on the facts.

Do any special regimes apply to corporate insolvencies in specifc sectors (eg, insurance, pension funds)?

Special insolvency regimes are applicable to credit institutions and insurers.

Are any reforms to the legal framework envisaged?

No reforms to Law 85/2014 are envisaged. Law 151/2015 on insolvent individuals entered into force on 1 January 2018.