THE MAIN LEGISLATIVE MODIFICATIONS BROUGHT ABOUT BY THE LAW 85/2014 CONCERNING THE INSOLVENCY PREVENTION AND INSOLVENCY PROCEDURES
THE MAIN LEGISLATIVE MODIFICATIONS BROUGHT ABOUT BY THE LAW 85/2014 CONCERNING THE INSOLVENCY PREVENTION AND INSOLVENCY PROCEDURES

Summary/Abstract: The legislative modifications brought about by the Law 85/2014 give a legal form to a part of the solutions found concerning the procedure of the former Law 85/2006 by the judicial doctrine and practice. The Law 85/2014 attempted to carry out a unification of the already existing institutions and concepts, keeping track of the way they must evolve practically, in the present day social and human reality, but maintaining at the same time a functional and concrete logic of these. Secondly, the Insolvency Code attempted the introduction at the level of the legal norm of a recommendable jurisprudence, which succeeded, along the application period of the Law no. 85/2006 to stabilize correct, just and equitable solutions. Thirdly, The Insolvency Code took over, adapted and implemented the “best practice” norms at the international level concerning insolvency, especially the recommendations of the World Bank, synthesized both in The Principles concerning the Effectiveness of the Insolvency and the Creditors’/Debtors’ Rights, as well as in “Report on the Observance of Standards and Codes”, also The Recommendations of the European Commission and the UNCITRAL Legislative Guide on insolvency.

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