New insolvency code

June 31, 2013

New Insolvency Code

The highly expected law regarding the insolvency proceedings, Law 85/2014, was released June 25, in Official Gazette no. 466/2014 and has entered into force on Saturday, 28.06.2014.

As part of the “Romanian Judicial Reform Project” started in 2006, the new Insolvency Code is an important step in modernizing the Romanian legislation, in one line with the codes adopted in previous years (The Civil Code in October 2011, The Civil procedural code in February 2013, The Criminal Codes in early 2014). Read more here.

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