Romania: new insolvency code

Alessandro PasutThe new Insolvency Code will be applicable also to ongoing procedures. Its adoption under an emergency procedure stressed the need to improve the efficiency of insolvency procedures and secure a balance between creditors’ and debtors’ interests. A major change to previous rules aiming at shortening the procedure is the reduction of the term for carrying out the reorganization plan from three to one year, with the possibility to extend it for just one other year as from the date of confirmation of the insolvency procedure. Pursuant to the new rules creditors – and, in particular, tax authorities – will now have the possibility to initiate enforcement actions during insolvency procedures if debtors fail to pay, within 90 days after maturity, a debt arising after insolvency procedures have been opened.

 

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