THE EUROPEAN UNION DIRECTIVE PROPOSAL ON RESTRUCTURING AND SECOND CHANCE: A CHECK OF COMPLIANCE BY ROMANIAN LAW
The European Commission is highly active in the field of insolvency, by making big steps towards reforming the concept of insolvency, beginning with the Recast of the European Insolvency Regulation, which has entered into force on 26th of June 2017, with small exceptions. On 22nd November 2016, th...
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| Main Author: | |
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| Format: | Article |
| Language: | English |
| Published: |
Nicolae Titulescu University Publishing House
2018-05-01
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| Series: | Challenges of the Knowledge Society |
| Subjects: | |
| Online Access: | http://cks.univnt.ro/uploads/cks_2018_articles/index.php?dir=2_private_law%2F&download=CKS_2018_private_law_008.pdf |
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| Summary: | The European Commission is highly active in the field of insolvency, by making big steps towards reforming the
concept of insolvency, beginning with the Recast of the European Insolvency Regulation, which has entered into force on 26th
of June 2017, with small exceptions. On 22nd November 2016, the European Commission presented the Proposal for a Directive
on restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge
procedures and amending Directive 2012/30/UE. The Proposal itself aims at reforming the concept of insolvency by trying to
build a new entrepreneurial culture, based on rescuing financially distressed yet viable debtors. The effects of the actual
European culture regarding insolvency, which prioritizes liquidation, have been quantified in job losses, a high rate of nonperforming
loans and low percentage of creditors’ recovery rate. The Proposal invites Member States to put in place its
provisions, by offering them a set of key principles and rules. The Proposal's general objective is to eliminate the barriers to
the free flow of capital, but it also provides adjacent targets, which encourage cross-border investments and limit the rate of
non-performing loans. This paper aims to analyze a check of compliance by Romanian law, in order to identify the way that
our national law will need to be adapted to the Proposal's provisions. |
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| ISSN: | 2068-7796 2068-7796 |