THE REORGANIZATION PLAN. NOVELTY ASPECTS IN THE LEGISLATION REGARDING INSOLVENCY
THE REORGANIZATION PLAN. NOVELTY ASPECTS IN THE LEGISLATION REGARDING INSOLVENCY

Summary/Abstract: From a legislative perspective, Law no. 85/2014 regarding the insolvency prevention procedures, pub-lished in the Official Gazette of Romania no. 466/25.06.2016 repealed, as specified in art. 344, Law no. 85/2006 regarding the insolvency procedure, but also another legislation which has influence in this sphere. The law establishes in its index a legal treatment which can be applied to professionals in financial difficulty, in a state of presumed or imminent insolvency. The lawmaker established that for the debtors not in payment termination, but in financial difficulty, the useful legal methods in achieving the purpose of the law are a preventive agreement with creditors and the ad-hoc mandate procedure, and for those in a state of insolvency, the bankruptcy procedure and judicial reorganization.The state of the heritage of the debtor, the intention of the debtor to reorganize or enter the bankruptcy procedure, and last but not least, the interest of the creditor will determine the choice of procedure.A company can undergo a reorganization plan with chances of success, even if they are confronted with a difficult situation, through fast and efficient measures of restructuring the activity, measures that need be applied both during the observation period, but also along the process of implementation of the reorganization plan of the company’s activity.

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