PRIORITIZATION OF INSOLVENCY IN THE UNIVERSAL LEGAL PICTURE. NEW LEGAL VIEWS PASSED THROUGH THE FILTER OF EQUITY, SOLIDARITY AND SOCIAL RESPONSIBILITY
PRIORITIZATION OF INSOLVENCY IN THE UNIVERSAL LEGAL PICTURE. NEW LEGAL VIEWS PASSED THROUGH THE FILTER OF EQUITY, SOLIDARITY AND SOCIAL RESPONSIBILITY

Summary/Abstract: Currently, the institution of insolvency comprises new valences, which we cancall equity valences, which restore to a certain extent the balance between the economicdimension and the social dimension of this institution, because modern normativeproposes aim at supporting the continuation of the debtors’ business, preserving jobsand covering the debts, with emphasis on amicable debt renegotiation procedures,reorganization and turnaround procedures, and as such, the norms that regulate theprocedures of insolvency prevention and insolvency acquire a clear social nature.Insolvency law has exceeded the borders of commercial law and has expandedbeyond the borders of commercial law and on natural persons and territorial andadministrative units, being currently harmonized with the Monist system implementedby the new Civil Code but also driven, in its evolution, by principles promoted atEuropean Union level, and also at international level.The common law of contracts and that of insolvency interact with each other andinfluence each other, however, insolvency has a special legal regime, as the regulatorhas devised levers required for the rescue of the insolvent yet still viable debtor, using,for this purpose, the contractual relationships established before the time when theprocedure was opened. Moreover, the new concept is based on principles that visualisethe contract in the sense of a more flexible relationship between the contracting parties,principles meant to govern the new theory of the contractual law: the principle ofcontractual equality, the principle of contractual balance, the principle of contractualfraternity, the principle of social utility (and the inferred principles: the principle oflegal security, and the principle of freedom and accountability), but also thedemonstrative principle of contractual solidarity.1

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