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Applications of insolvency on a strong upward trend

2011 saw an increase in applications for insolvency filed by creditors, compared with 2010. Applications by debtors also increased. “If before the economic crisis debtors were quite reluctant to request the opening of proceedings, fearing their commercial images to be affected, they now see this action as a life preserver, which gives them a chance to restructure the debt and […]

Amendments to the bankruptcy procedure of credit institutions

The bankruptcy procedure of credit institutions was amended by Law no. 207/2011 regarding the approval of Government Emergency Ordinance no. 37/2010 as published in the Official Gazette no. 817 of November 18th, 2011. The latter amends and supplements the Government Ordinance no. 10/2004 regarding the bancrupcy of credit institutions [In Romanian, Legea nr. 207 din 15 noiembrie 2011 privind aprobarea […]