Măsuri necesare pentru transpunerea reglementărilor europene pe insolvenţă şi restructurare în cadrul legislativ naţional
Measures needed for the transposition, to national legislation, of the european regulations on insolvency and restructuring

Summary/Abstract: By July 17, 2021, Romanian lawmakers will need to transpose Directive (EU) 2019/1023 on preventive restructuring frameworks, on discharge of debt and disqualifications, and on measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt, and amending Directive (EU) 2017/1132 (Directive on restructuring and insolvency) (“Directive 2019/1023”). The Directive aims to create an efficient legal framework that would guarantee the effective enforcement of certain rights, otherwise its goal would remain an illusion. Precisely for this reason, transposition efforts will need to identify the causes that prevent certain mechanisms in the current legislation from achieving the results designed by the legal text, or that block or render said mechanisms inefficient. These causes will need to be corrected in order to achieve the desired result. If implementation is solely aimed at “crossing off the list” certain elements that local insolvency legislation should include, then we should stop right here and cease the profound amendment of current legislation, because these elements are already included in Romanian legislation. This text is aimed at identifying elements that, in our opinion, should be remedied through future regulations, in order to ensure the functioning of institutions, mechanisms and procedures already in place.

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