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
SUMMARY

The paper deals strictly with one of the three procedures established by Law no. 151/2015 on the insolvency of natural 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 151/2015 and Article 65,... (see full summary)

 
FREE EXCERPT
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).

To continue reading

REQUEST YOUR TRIAL