Corelația dintre eficiența procedurii insolvenței în cazul IMM-urilor și măsurile de protecție a creditorilor. Analiza economică a dreptului insolvenței din perspectiva băncii – creditor chirografar
The correlation between the efficiency of insolvency proceedings for smes and creditor protection measures. Economic analysis of insolvency law from the perspective of the bank as an unsecured creditor

Summary/Abstract: This article explores the interplay between the effectiveness of insolvency proceedings for small and medium-sized enterprises (SMEs) and creditor safeguard measures, considering the bank's standpoint as an unsecured creditor. It contends that Romania's current insolvency legislation inadequately secures the interests of banks and other financial institutions, which frequently endure either a complete loss of their claims or a substantial diminution in their value during the insolvency process. The article conducts an economic and empirical examination of insolvency legislation, employing concepts such as transaction costs, property rights, and agency theory. It scrutinizes the principal aspects of insolvency proceedings in Romania from an empirical angle, suggesting the adoption of a novel econometric methodology for future research. Utilizing econometric techniques, the study assesses the influence and efficacy of insolvency laws on the rate of recovery and overall protection of creditors, particularly from the perspective of banks. It concludes with recommendations aimed at enhancing the efficiency and equity of insolvency proceedings for SMEs and creditors.

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