The Insolvency Procedure Based on a Debt Repayment Plan, According to the Provisions of Law no. 151/2015 and the Methodological Norms
The Insolvency Procedure Based on a Debt Repayment Plan, According to the Provisions of Law no. 151/2015 and the Methodological Norms

Summary/Abstract: An element of absolute and long-awaited novelty, Law no. 151/2015 on the insolvency procedure of natural persons has the natural person in the focus, who does not carry out commercial activities, in particular, the over-indebted consumer but with good faith.Law no. 151/21015 is not only a normative act of novelty in the national legislation, but also a normative act which can no longer be lacking in view of the European legislative context and the insolvency regulations.Even if it has given rise to a whole series of criticisms, the insolvency law of natural persons is an important step towards a reform of the legislative system on the possibilities for recovery made available to the debtor, the over-indebted natural person in good faith.Let's not forget that in the case of the procedure for professionals it took a long time for the law to reach its current form. Judicial practice is the main promoter of changes in legal matters and, at the same time, the adaptation of the normative act to practical situations, in the application of the law.

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