The primary legislation governing insolvency and restructuring proceedings is Law 85/2014 on preventing insolvency and insolvency proceedings (the “Insolvency Law“). The Insolvency Law has been amended on October 2, 2018 by Government Emergency Ordinance no. 88/2018 for amending and supplementing regulations on insolvency (the “G.E.O. no. 88/2018“). One of the main changes brought by G.E.O. […]

In view of the evolution of the international epidemiological situation caused by the spread of Coronavirus, which determined the pandemic declared by the World Health Organization, on March 11, 2020, the Decree no. 195/2020 on imposing the state of emergency on the territory of Romania (the “Decree“) has been adopted. By Decree, a series of […]

In the above-mentioned legal framework, the Supreme Court rendered the Decision no. 53 rendered on June 18, 2018, recently published in the Official Gazette on November 5, 2018, on the point of law (the ”Decision”). To put things in context, we mention that the Supreme Court renders a Decision on the point of law in […]

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 […]

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 […]

În contextul economic din ultimul deceniu, majoritatea companiilor din România au fost afectate de procedurile de insolvență, aflându-se fie în poziția de debitor în incapacitate de plată, fie în poziția de creditor, cu șanse reduse de a-și recupera creanța într-un termen rezonabil. Insolvența este privită de avocați și practicieni ca fiica rebelă a dreptului civil […]

As of June 2014, the new Insolvency Law no. 85/2014 has modified the regime of financial leasing agreements in insolvency proceedings. All in all, there are both good and bad news for leasing companies. Good news are mainly related to leasing companies’ right to terminate leasing agreements even after commencement of the insolvency proceedings, whilst […]