Leasing Agreement under the Provisions of Current Insolvency Code

Author:Raluca Antoanetta Tomescu
Pages:79-85
SUMMARY

The reason for promulgating the current insolvency 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... (see full summary)

 
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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 debts2. 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.

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