Romanian Law no. 151/2015 on the insolvency of physical persons. Participants in insolvency proceedings

Author:Adriana Deac
Position:Department of Law, Bucharest University of Economic Studies
Pages:268-280
SUMMARY

On June 26, 20152, in Official Gazette no. 464, Law no. 151/2015 regarding the insolvency of natural persons, with the deadline for entry into force on 31.12.2015. However, at this time, the law does not have legal effects, its entry into force being repeatedly postponed, the last deadline set for this purpose being 01.01.2018. Unfortunately, the adoption of Government Ordinance no. 30/2017 for... (see full summary)

 
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Romanian Law no. 151/2015 on the insolvency
of physical persons.
Participants in insolvency proceedings
Lecturer Adriana DEAC
1
Abstract
On June 26, 2015
2
, in Official Gazette no. 464, Law no. 151/2015 regarding the
insolvency of natural persons, with the deadline for entry into force on 31.12.2015.
However, at this time, the law does not have legal effects, its entry into force being
repeatedly postponed, the last deadline set for this pu rpose being 01.01.2018.
Unfortunately, the adoption of Government Ordinance no. 30/2017 for amending and
completing the Law no. 207/2015 regarding the Fiscal Proced ure Code does not refer to
the insolvency procedure of individuals, which is an indication that the application of the
Law no. 151.2015 will be postponed. The legal approach has as general an analysis of the
legal framework and of the arguments underlying the regulation of this legal institution, the
presentation of the conditions for initiating the insolvency procedure of the natural person,
the entities involved in this procedure, including the insolvency commissions. Also, the
paper aims to explain the reasons behind the repeated delays in the application of this
normative act, to identify the problems and blurring that make the law inapplicable and to
provide solutions to the law.
Keywords: insolvency of individuals, in solvency commission, bankruptcy, debtor of good
faith, residual debts.
JEL Classification: K15, K35
1. Introduction
The Personal Bankruptcy Act aims to regulate the insolvency procedure of
natural persons with a view to extinguishing their debts by reimbursement under a
plan or on the liquidation of assets.
The separate regulation of the insolvency of natural persons, separate from
the insolvency procedure regulated by Law no. 85/2014
3
, aims to establish a simple
and effective procedure for the settlement of the debts of natural persons who do
not carry out economic activities.
1
Adriana Deac - Department of Law, Bucharest University of Economic Studies, adriana.deac@
yahoo.com.
2
Law no. 151/2015 on Insolvency of Individuals, published in the Official Gazette no. 464 of June
26, 2015.
3
Law no. 85/2014 on the procedure for the prevention of insolvency and insolvency, published in the
Official Gazette no. 466/2014.

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