THE SCOPE OF THE INSOLVENCY LAW FOR NATURAL PERSONS. THE DEBTOR’S APPLICATION TO OPEN THE INSOLVENCY PROCEEDINGS BASED ON A PAYMENT PLAN
THE SCOPE OF THE INSOLVENCY LAW FOR NATURAL PERSONS. THE DEBTOR’S APPLICATION TO OPEN THE INSOLVENCY PROCEEDINGS BASED ON A PAYMENT PLAN

Summary/Abstract: The adoption of legislation regulating the insolvency of natural persons is not only necessary, but also mandatory, given that the provisions of (EC) Regulation no 1346/2000 of 29 May 2000 on insolvency proceedings requires the Member States to extend the insolvency proceedings to natural persons.The modern economy cannot function without the credit and individuals who have a credit can become overly indebted also for reasons out of their control. As a result, the aim of the insolvency law of natural persons cannot be the application of a stigma to the individual who uses the benefits of the law, or the restriction of the access to the labor market or the public discredit of the debtor who is a natural person, but concerns his/her economic and social reintegration, balancing the relationship between the creditor’s need to recover the debt and the inability of the bona fide individual to pay the debts.

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