New Juridical and Economical Elements Brought by the Inovating Insolvency Law

Oana-Carmen Dumitrescu and Doru-Bogdan Răvaş
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Oana-Carmen Dumitrescu: University of Petroşani, Romania
Doru-Bogdan Răvaş: University of Petroşani, Romania

Annals of the University of Petrosani, Economics, 2006, vol. 6, 65-68

Abstract: Giving the facts, that Romania is following the adhering process to the E.U., one of the most important criterion which Romania has to accomplish is the economic one, which suppose the existence of a functional market economy. Even if the term of functional economy is rather ambiguous and subjective, it is unanimously accepted that between the fundamental elements of the market economy we can find the phenomenon of going out of the market; in the context of an absence of legal, political and administrative barrier which could maintain on the market unavailable companies. The process of going out of the market can be defined especially by the process of insolvency, which has an important role in the reassignment of the resources and the cleaning of business environment. Through the fact that Romania is making hard efforts to accomplish the demands which can provide the adhering to the E.U., the area of applying the process of insolvency should suffer an important modification by adapting a new law of insolvency which should annul the current law 64/1995.

Keywords: insolvency; bankruptcy referee; debt; secured creditors; stockholder; receiver in bankruptcy (search for similar items in EconPapers)
Date: 2006
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