Dreptul şi economia procedurilor de insolvenţă: între nevoia de reformă şi tendinţele actuale
The Law and Economics of Insolvency Proceedings: Between the Need for Reform and Current Trends

Summary/Abstract: The article examines the relationship between law and economics in insolvency, starting from the premise that procedural efficiency cannot be assessed solely through legal norms, but rather through their actual effects on the market. It investigates the economic foundations of insolvency law, with emphasis on the objective of curbing opportunism and on procedural costs, while also addressing recent developments at both the European and national levels—particularly the challenges of transposing Directive 2019/1023. The paper further explores the legal economic implications of the available data, highlighting the connection between the duration of proceedings, value erosion, and systemic competitiveness. It proposes reforms concerning procedures applicable to SMEs, digitalization, and the ranking of claims, alongside future research directions involving artificial intelligence and personal insolvency. The result is a critical guide for assessing and improving the current insolvency framework in Romania.

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