by DLA Piper - Alexandra Radulescu, Managing Associate and Andreea Nica, Junior Associate
Following a lengthy process which started in 2012 aiming to reform the Romanian insolvency framework as part of a wider judicial reformation program, the New Insolvency Law (Law no. 85/2014 regarding the prevention of insolvency and the insolvency proceedings) entered into force on 28 July 2014. As part of a project coordinated under the aegis of the World Bank and the International Monetary Fund, the New Insolvency Law adopts an integrating vision and illustrates a new approach of saving the business and giving a second chance to the honest and viable debtor, while also ensuring fair treatment of creditors.
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