The New Civil Procedure Code (NCPC) came into force on 15 February 2013 and is applicable to all enforcement proceedings that commenced after this date.
Creditors may begin forced execution if they have an enforceable title. During such proceedings several incidents may occur, which may result in either the impossibility or the delay to the full protection of the creditor’s rights.
Statute of limitations
The New Civil Procedure Code (NCPC) came into force on 15 February 2013 and is applicable to all enforcement proceedings that commenced after this date.
a) Introduction
The Romanian Government has enacted Government Emergency Ordinance no. 46/2013 on financial crisis and insolvency procedure of administrative units (counties, municipalities and communes) (“GEO no. 46/2013”), which entered into force on 24 May 2013. Such enactment was an obligation undertaken by Romania towards the International Monetary Fund as part of a Stand-By Arrangement dating from 2012.
The Romanian Government recently adopted a Government Emergency Ordinance regulating the insolvency of the countrys territorial administrative units (the 'Ordinance').1 The measure, which was supposed to have been enacted in 2006, as contemplated under the local public administration law, was prompted mainly by the staggering amount of debt amassed by many territorial administrative units, as well as Romanias commitments to its international creditors, including the International Monetary Fund.
In the case, the insolvency proceedings had not been used for the purposes provided by Law 85/2006 on insolvency proceedings (Law 85) but for other purposes.
The Romanian government has adopted, by means of Government emergency ordinance no. 91, the Insolvency Code. The Code gathers and amends all pre-insolvency and insolvency provisions in Romanian legislation relating to companies, groups of companies, credit institutions, insurance and reinsurance companies, as well as cross-border insolvency proceedings. It will enter into force on October 25, 2013 and will also apply to already ongoing insolvency proceedings.
On 16 April 2014, the Official Gazette published Norm 5 of 2014 of the Romanian Financial Supervisory Authority (the“FSA”) as a supplement to several regulations relating to the calculation of the re/insurer’s solvency margin, the minimum solvency margin and the safety fund (“Norm 5/2014”).
On 14 April 2014, the Official Gazette published Order 562 of 1 April 2014 for the amendment of and supplement to Order 235 of 2001 regarding the insurance of tourists against the insolvability or bankruptcy of travel agencies (“Order 562/2014”).
Introduction
Regarding M&A deal activity in emerging Europe, 2019 seems to have been a year of mixed sentiments. While both the overall value and volume of M&A deals in the region were down year-on-year, many M&A professionals claim anecdotally that it was a more buoyant year than the previous one. There are also predictions that investment activity in emerging Europe will increase even further in the next 12 months.
The EU directive harmonising certain aspects of insolvency law, a Propo