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The role of the Romanian State based on the new amendments to the insolvency law

Andreea Stoican ()
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Andreea Stoican: Department of Law, Bucharest University of Economic Studies, Romania

Juridical Tribune (Tribuna Juridica), 2018, vol. 8, issue 3, 741-747

Abstract: Law no. 85/2014 on the insolvency prevention and insolvency procedures, envisaged as of its entry into force as a true “Insolvency Code”, is the main tool for setting up a collective procedure for covering the debtor’s liability, as well as an opportunity to redress the activity of a company in financial distress. The recent amendments brought by the law-maker through the entry onto force, on October 02, 2018, of the Emergency Ordinance no. 88/2018 for amending and supplementing normative acts in the field of insolvency and other normative acts, although brought with the intention of improving the exiting procedure to date as a result of the practices found during the four years since the Insolvency Law has been implemented, succeeded, although probably unintentionally, to create a potential bias towards one of the main creditors encountered in the procedure, namely, the State. This paper therefore, considering the extremely short timespan since the entry into force of the Emergency Ordinance no. 88/2018, proposes by no manner of means to make no criticism on the new regulation, which might even prove effective on the long run as a result of the observation of the practice and concrete implementation of the provisions therein, but only to raise an alarm on some aspects which, at first sight, seem to create certain differences between the creditors by favouring, at least theoretically, a certain creditor.

Keywords: insolvency; creditors; State; valuation of assets; debt recovery. (search for similar items in EconPapers)
JEL-codes: K22 K23 (search for similar items in EconPapers)
Date: 2018
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Handle: RePEc:asr:journl:v:8:y:2018:i:3:p:741-747