Taking into account the European Commission’s Report conclusions regarding the Romania’s progress during 2004 for the accession to European Union, saying that our legal system does not regulate any efficient ways for the merchants to leave the market, having as main causes: complexity of the procedure, wrong application of the law, low protection of creditor, it was fixed as main objective the elaboration of a new legal act regarding reorganization and bankruptcy procedure. Knowing the substantial and innovator character of the modifications, the need to combine different rules in a better and a complex one, it was decided to be elaborated a new insolvency law, which application will mean the end of Law 64/1995 regarding reorganization and bankruptcy procedure. The main target of the Project is to upgrade the existing procedure by passing new rules for the clarification of all the unclear elements stated by the previous one. It is, also, meant to introduce new features in order to make our system compatible with the European one.
This project modifies fundamentally the reorganization and bankruptcy procedure and I would like to remind those which I think will affect the present practice:
- a new category of debtors, next to those introduced by Law no. 149 from 2004 (agricultural companies, economic interest groups) we have at this moment also any other legal private person involved in commercial activities;
- a new simplified procedure for merchants natural persons, other merchants if they don’t have any good, accounting documents, administrator or headquarters, dissolute companies before introducing the request or debtors who declared their wish to go bankrupt.
- a simplification of citation methods, notification and communication by using a reorganization and bankruptcy procedures Bulletin.
- a redefinition of the syndic judge’ role by lightening his job
- increasing the role of creditors meeting and creditors committee