Bankruptcy and the business environment according to the new romanian criminal code

AuthorGheorghe Ivan/Mari-Claudia Ivan
PositionAssistant Professor
Assistant Professor, Ph.D. Gheorghe IVAN
Mari-Claudia IVAN
Sustainable development imperatively r equires the existence of a market economy based on fair
competition, honest behavior regulations a nd observance of the law a s well as pr evention and fight against the
offence of bankruptcy. Bankruptcy is an offence perta ining to the business environment. Bankruptcy (insolvency)
means the cessation of payments together with financial ir regularities to the prejudice of the creditors. As such, the
general or group lega l scope of the offence of bankruptcy is represented by the business relations . Nevertheless,
according to the new Romanian Criminal Code passed by La w no. 286/2009, bankruptcy was included among the
offences against patrimony, the subgroup of dishonesty offences, without consideration of our legal tr adition or
foreign legislations on the part of the legislator.
Key words: bankruptcy, sustainable development, criminal illegality, business environment.
JEL Classification: K14
I. Introduction
In Romania the business environment and bankruptcy are desirably interrelated in that
prevention and fight against bankruptcy lead to a business environment favourable for the
sustainable development of a community while a healthy business environment governed by
good faith among business partners goes a long way towards eliminating the possibility of
bankruptcy to occur.
II. Sustainable development and bankruptcy
Sustainable development imperatively requires the existence of a market economy based
on fair competition, honest behavior regulations and observance of the law as well as prevention
and fight against the offence of bankruptcy. The legal status applicable to insolvent debtors is
very important for the business operators as well as for the local and national eco nomic
development. Also there is a need for a uniform enforcement of the bankruptcy legislation and
effective protection of the creditors of the insolvent debtors
III. Bankruptcy Legal and economic concept
Bankruptcy is an extremely important economic event or fact because it marks the
pathologic end of an economic activity
. The disappearance of an insolvent debtor with a
prominent position in the economic field is undoubtedly an important issue for the business
Bankruptcy is a legal concept originating and growing in the business field, closely
related to other similar concepts pertaining to the same field such as: crash, insolvency, trader,
debtor, creditor, companies etc
Gheorghe Ivan, “Dunarea de Jos” University of Galati, Faculty of Judicial, Social and Political Science, E-mail:
Mari-Claudia Ivan, Legal adviser, E-mail:
Gheorghe Ivan, Bankruptcy an offence pertaining to the business environment, “Criminal Law Magazine” no. 2/2010, pg. 61
Ion Anghel, Bankruptcy. Radiography and Pr ediction., The Economic Publishing house, Bucharest, 2002, pg. 11.
Mihai Adrian Hotca, Fraudulent Bankruptcy, C.H. Beck Publishing House, Bucharest 2008, pg. 7-8.

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