GENERAL CONSIDERATIONS REGARDING INSOLVENCY OF INDIVIDUALS
GENERAL CONSIDERATIONS REGARDING INSOLVENCY OF INDIVIDUALS

Summary/Abstract: Long-awaited, debated, fought and controversial insolvency of individuals law finally saw the light of day. Insolvency of individuals was adopted by the Parliament of Romania under no. 151/2015, on 18 June 2015 and published in the Official Gazette, Part I, no. 464 of 26 June 2015. According to Art. 93 of the Law, it shall enter into force 6 months after its publication in the Official Gazette of Romania, Part I, on 26 December 2015.Analising the insolvency of individual law structure, the first amendament would be that by Law no. 151/2015, there are three insolvency proceedings, namely: insolvency proceedings on a debt repayment plan; insolvency proceedings based on asset liquidation and simplified insolvency proceedings.This article proposes a general analysis of the first part of the law, having the purpose of clarifying the elements of conceptual relevance to the purposes of this law, principles which are based, meaning the concepts and terms used by the legislature and not least the scope of the law.

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