Wolf Theiss

THE LAW ON INSOLVENCY OF INDIVIDUALS HAS BEEN PROMULGATED BY THE PRESIDENT OF ROMANIA

On 18 June 2015, the President of Romania promulgated an insolvency law for individuals, which was previously approved by the legal commission of the Chamber of Deputies on 20 May 2015 (the "Law"). The Law outlines a legal framework aimed at protecting consumers as good faith borrowers, who have partially repaid outstanding amounts owed under a loan, against uncontrolled growth of loan instalments. While the insolvency of a company is meant to free-up the market from bankrupt companies and provide a rescue mechanism for those companies that can survive, insolvency for individuals offers the possibility for individuals to be released from their debts, provided that they comply with certain mandatory requirements set forth in the Law.

For further information please contact

Ileana
Glodeanu
Partner
Romania
Bryan W.
Jardine
Partner
Romania
Ramona
Hromei
Senior Associate
Romania
Alexandru
Roman
Associate
Romania

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