THEORETICAL AND PRACTICAL ASPECTS OF THE OFFENSE OF BANKRUPTCY FRAUD
THEORETICAL AND PRACTICAL ASPECTS OF THE OFFENSE OF BANKRUPTCY FRAUD

Summary/Abstract: Bankruptcy is a legal concept that emerged and developed in the business environment, along with other concepts such as: insolvency, debtor, creditor, etc. Simple bankruptcy or bankruptcy fraud do not have a legal definition, but their analysis cannot be made without considering the legal norms governing the procedure of insolvency. The legal regime applicable to insolvent debtors is of general interest, due to the economic and financial effects manifested upon the business environment, with direct influences on the national economy. The insolvency procedure is regulated by Law 85/2006 and aims to establish a collective procedure for covering the liabilities of insolvent debtors. Insolvency is the state of the debtor's assets that is characterized by lack of available funds for the payment of certain, liquid and exigible debt. Therefore, non-payment of debt on maturity must be the effect of the debtor’s incapacity to pay the debt with the available sums of money, incapacity which must be caused by an external and objective situation, namely the cessation of payments.

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