Crearea unei probabilităţi compatibile: transferul de întreprindere într-o procedură de restructurare
Identifying a compatible model: sale of the business as a going concern within a restructuring framework

Summary/Abstract: The review of the Romanian restructuring frameworks shall be improved once the EU Directive 2019/1023 on preventive restructuring frameworks, on discharge of debt and disqualifications, and on measures concerning restructuring, insolvency and discharge of debt, shall be transposed in the domestic regulations. According to the Directive, the efficient implementation of restructuring lies in identifying the balance between maintaining the business as a going concern and the maximum recovery of claims. De lege lata, the possibility to transfer a business in order to preserve the jobs and maintain it as a going concern is difficult to implement by applying a fair treatment to the restructuring plan and to the rules of vote. This is precisely why many of the standard principles of judicial reorganization must be reshaped, made more flexible and tailored to the out of court restructuring frameworks. With this idea in mind, the Directive encourages the creation of distinct classes of creditors and the introduction of specific rules of vote and confirmation, which may help maintaining the activities for companies which are still viable but are facing financial distress.

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