PERSONAL BANKRUPTCY AND THE ROMANIAN REALITIES

Mihaela Condrache and Liviana Niminet

Studies and Scientific Researches. Economics Edition, 2015, issue 22

Abstract: Bankruptcy is defined as the legal situation in which an individual, a company or an institution cannot meet outstanding liabilities, which are superior in value compared to available assets. Personal bankruptcy refers to the situation described above in the case of individuals. This highly important legal and economic institution was long ago settled in the United States of America, United Kingdom, France, Germany, Japan, and recently in former communist countries such as Poland, Latvia, Estonia, and Lithuania, existing throughout the EU, except for Romania, Bulgaria and Hungary. In December 2015, in Romania, the Personal Bankruptcy Law is to come into force and this article focuses on the main aspects of the three steps procedure comprised in it as well as on the advantages and disadvantages from all involved parts perspective, that is: individual debtors, Banks as creditors and state institutions as third parties highlighting the main changes that are to happen both for individuals as well as for the society as a whole.

Keywords: personal bankruptcy; insolvency; legal entities; debtor; creditor (search for similar items in EconPapers)
JEL-codes: G33 K35 (search for similar items in EconPapers)
Date: 2015
References: Add references at CitEc
Citations:

Downloads: (external link)
http://sceco.ub.ro/DATABASE/repec/pdf/2015/20152201.pdf

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bac:fsecub:15-22-01

Access Statistics for this article

More articles in Studies and Scientific Researches. Economics Edition from "Vasile Alecsandri" University of Bacau, Faculty of Economic Sciences Contact information at EDIRC.
Bibliographic data for series maintained by Bogdan Nichifor ().