The insolvency law of natural entities. Some aspects with regard to the detriments and benefits of the law
The insolvency law of natural entities. Some aspects with regard to the detriments and benefits of the law

Summary/Abstract: Romania finally has a law regulating the insolvency of individuals.The stated purpose of the law is to assist debtors as individuals in good faith, over-indebted and over-burdened.Law no. 151/2015[1] regulates three forms of proceedings, which apply to a debtor natural person in good faith, subject to certain conditions, and which, in certain situations, strictly regulated by law, may result in a discharge of residual liabilities.Despite the fact that the stated purpose of the law is to support debtors in good faith, the bureaucratic procedure, gaps and inactions of the law, along with the lack of part of the law enforcement infrastructure, have led to an unusual situation, given the lack of recorded cases pending territorial commissions and courts.

• Details
• Contents