Leasing Agreement under the Provisions of Current Insolvency Code

• Author: Raluca Antoanetta Tomescu
• Pages: 79-85

Legal Sciences in the New Millennium

79

Leasing Agreement under the

Provisions of Current Insolvency Code

Raluca Antoanetta Tomescu1

Abstract: The reason for promulgating th e current in solvency law, Law 85/2014, was clearly to create an

effective and appropriate legal framework for the collective enforcement of debtors in insolvency in order to

ensure the recovery of claims they owed and implicitly to protect the current economic environment by saving

viable businesses and eliminating those that have no chance of recovery. The reorientation of legislative policies

in the field of insolvency, which also formed the basis of the elaboration of the current law of insolvency,

imposed as a main purpose the maximization of the debtor's wealth, permanently aiming at giving the insolvent

debtor the chance to recover, th us succeeding in harmonizing the international norms with the national

legislation. Through the institutional steps aimed at co nsolidating the doctrinal and jurisprudential opinions in

the field, the status of the leasing agreement under the insolvency procedures was codified, legalizing the fate

of the current agreement in progress at the date of opening of the insolvency procedure, as well as the recording

of the debts resulting from it following the termination, when the user/lessee enters the insolvency proceedings,

the situation of this contract being specifically dealt with by the current Law 85/2014.

Keywords: leasing; insolvency; debtor; creditor

According to the doctrine, the insolvency procedure establishes the set of legal norms, which seeks to

obtain the necessary funds to pay the debts of the debtor in insolvency to its creditors, under the

conditions established differently by categories of debtors, by judicial reorganization or by bankruptcy

(Carpenaru, 2014, p. 725).

Described in an original but perfectly relevant way by a comparison where, if the business is an

adventure, then insolvency is the consequence of the adventure that ended badly (Piperea, 2009, p. 177),

we can still retain the definition given to it by law, whereby “insolvency is that state of the debtor's

patrimony which is characterized by insufficient funds available for the payment of certain, liquid and

due debts”2. Jurisprudence has characterized insolvency as the state of the debtor's patrimony which is

characterized by insufficient funds available for the payment of outstanding debts.3.

The notion of “insolvency” is the fundamental element around which the legal construction of the

insolvency procedure was enacted. The insolvency procedure is therefore the way the law and the courts

organize the failure of the business (Piperea, 2009, p. 177).

1 PhD in p rogress, σicolae Titulescu University, Romania, Address: 185 Calea Văcăreşti, Bucharest 040051, Romania, Tel.:

+4073101.86.90, Romania, Corresponding author: ratomescu@gmail.com.

2 Art. 5, pct. 29, Law no. 85/2014 on the procedures for preventing insolvency and insolvency was published in the Official

Gazette, Part I, no. 466 of 25th June 2014.

3 C.A. Constanta, Commercial, maritime and river depart ment, tax and administrative due process, Decision no.

2037/COM/2007.