REGULATION AND FUNDAMENTAL PRINCIPLES OF THE PROCEDURES OF INSOLVENCY PREVENTION AND INSOLVENCY PROCEDURES
REGULATION AND FUNDAMENTAL PRINCIPLES OF THE PROCEDURES OF INSOLVENCY PREVENTION AND INSOLVENCY PROCEDURES

Summary/Abstract: The insolvency law no. 85/2014 enshrines 13 fundamental principles of the procedures of insolvency prevention and the insolvency procedures inspired from the principles of the World Bank, UNCITRAL Legislative Guide on insolvency. The paper extensively analyzes these principles and allocates significant space to the analysis of the scope of law no. 85/2014. Concepts of debtor in the procedure of insolvency prevention and debtor in financial difficulty are explained in detail. Separate sections are dedicated to the analysis of the regulation on the bodies enforcing the procedures of insolvency prevention, i.e. the ad hoc mandate and the preventive concordat. The pre-insolvency procedures are judiciary proceedings and the courts of law get involved to a lesser extent; they mainly seek to protect the rights of the creditors and to provide the debtors with a chance to come around by overcoming the state of financial difficulty.

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