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

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

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, 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.