Romanian Law no. 151/2015 on the insolvency of physical persons. Participants in insolvency proceedings
Romanian Law no. 151/2015 on the insolvency of physical persons. Participants in insolvency proceedings

Summary/Abstract: On June 26, 2015, in Official Gazette no. 464, Law no. 151/2015 regarding the insolvency of natural persons, with the deadline for entry into force on 31.12.2015. However, at this time, the law does not have legal effects, its entry into force being repeatedly postponed, the last deadline set for this purpose being 01.01.2018. Unfortunately, the adoption of Government Ordinance no. 30/2017 for amending and completing the Law no. 207/2015 regarding the Fiscal Procedure Code does not refer tothe insolvency procedure of individuals, which is an indication that the application of the Law no. 151/2015 will be postponed. The legal approach has as general an analysis of the legal framework and of the arguments underlying the regulation of this legal institution, the presentation of the conditions for initiating the insolvency procedure of the natural person, the entities involved in this procedure, including the insolvency commissions. Also, the paper aims to explain the reasons behind the repeated delays in the application of this normative act, to identify the problems and blurring that make the law inapplicable and to provide solutions to the law.

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