The Law no. 85/2006 modifies profoundly the Romanian law concerning the judicial reorganization and the bankruptcy procedures.

Firstly we should emphasize that since the adoption of Law no. 64/1995 the judicial reorganization and the bankruptcy procedures had been the object of many legislative amendments, aiming to adjust the law to the economic reality. The application of these legal provisions within practice had shown the inevitable needs for adjustment, which had been partially covered by the jurisprudence and the doctrine. However, this legislative framework had continuously caused too many difficulties for the practitioners. In addition, the European integration of Romania imposes the convergence of legislations      of European States and the harmonization of national provisions on the judicial reorganization and the bankruptcy procedures with the Community regulations.

Within this context, the Romanian legislator has adopted the Law no. 85/2006, a veritable reform which is meant to be placed as a major step in the construction of an essential legal framework of the business environment. This law is based on a new philosophy and it modifies profoundly the previous legal provisions regulating the matter. As a consequence, this research tries to analyze the major innovations concerning the judicial reorganization provided by the new law (the observation period, the general procedure and the simplified procedure, the legal and economic state of the debtor, the conditions for opening the judicial reorganization etc.). The study aims to interpret and explain the new legal provisions in order to help the practitioners in applying the law, as well as to make this regulation comprehensible for all the participants within the judicial reorganization of an insolvent debtor.