Scope of the simplified procedure regulated by Law no. 151/2015 concerning the insolvency of natural persons in Romania

• Author: Ileana Voica
• Pages: 191-195

Scope of the simplified procedure regulated by Law no. 151/2015

concerning the insolvency of natural persons in Romania

Lecturer Ileana VOICA1

Abstract

The paper deals strictly with one of the three procedures established by Law no.

151/2015 on the insolvency of n atural persons, namely the simplified insolvency procedure,

meaning its field of application. This field of application has been identified by correlating

Article 3 (12) of the law defining insolvency, with Article 4, which refers to the general scope

of Law 151/2 015 and Article 65, which refers to the scope of the simplified insolvency

procedure. The conclusion is that this regulation is useful for bona fide borrowers who are

in difficult situations in their lives.).

Keywords: insolvency, simplified procedure, obligations, debtor, good faith (bona

fide), insolvency committee.

JEL Classification: K35

1. Introduction

Law no. 151 of 2015 on Insolvency Procedure for natural persons2, entered

into force on the 1st of January 2018 and was amended by Government Emergency

Ordinance 61/2015, Government Emergency Ordinance 98/2016 and Government

Ordinance. 6/2017.

“A much-anticipated regulation in the Romanian legal space, Law no.

151/2015 on the Insolvency Procedure for natural persons, entered into force on

January 1st, 2018, as no normative act has been issued that could postpone this

moment. Previously, the Government of Romania had postponed the entry into force

of this l aw three times, the last document issued in this respect being Government

Ordinance. no. 6/2017, published in the Official Gazette no. 614 of July 28, 2017

(approved by Law no. 234/2017), which ordered the postponement of the date of

entry into force of the law until the 1st of January 2018"3.

The purpose of this regulation, according to art. 1 of the Law, is the

establishment of a collective procedure for the recovery of the financial situation of

1 Ileana Voica – Department of Law, Bucharest University of Economic Studies, Romania,

ileana_voica@yahoo.com.

2 Published in the Official Gazette no. 464 of June 26, 2015.

3 Nistor Adriana Violeta, Considerations on Insolvency Law of natural persons (since January 1, 2018),

in www.juridice.ro/ consideratii-privind-legea-insolventei-persoanelor-fizice-(în vigoare de la 1

ianuarie 2018).html, (consulted on 1.10.2018).