741 - 747
The role of the Romanian State based on the new amendments to the insolvency law
Authors: Assistant professor Andreea STOICAN
Number of views: 169
Law no. 85/2014 on the insolvency prevention and insolvency procedures,
envisaged as of its entry into force as a true “Insolvency Code”, is the main tool for setting
up a collective procedure for covering the debtor’s liability, as well as an opportunity to
redress the activity of a company in financial distress. The recent amendments brought by
the law-maker through the entry onto force, on October 02, 2018, of the Emergency
Ordinance no. 88/2018 for amending and supplementing normative acts in the field of
insolvency and other normative acts, although brought with the intention of improving the
exiting procedure to date as a result of the practices found during the four years since the
Insolvency Law has been implemented, succeeded, although probably unintentionally, to
create a potential bias towards one of the main creditors encountered in the procedure,
namely, the State. This paper therefore, considering the extremely short timespan since the
entry into force of the Emergency Ordinance no. 88/2018, proposes by no manner of means
to make no criticism on the new regulation, which might even prove effective on the long run
as a result of the observation of the practice and concrete implementation of the provisions
therein, but only to raise an alarm on some aspects which, at first sight, seem to create certain
differences between the creditors by favouring, at least theoretically, a certain creditor.