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Luiza-Cristina IOVU: Conditions for initiating the judicial reorganization and bankruptcy procedure as currently regulated by law

Abstract:  The procedure of judicial reorganization and bankruptcy has recently been subject to a new legislative reform, which came to complete the series of successive regulations in the field. The high number of intervening amendments made it necessary for Law no. 64 /1995 to be republished. The principal changes aim to simplify and accelerate the judicial reorganization and bankruptcy procedure, and to render it more efficient by introducing more severe measures and sanctions in case of infringement. The wide scope of the transformations is foreshadowed by the reformulation of the very conditions for initiating judicial reorganization and bankruptcy. Given the impact that the change of these conditions has on the whole development of the procedure, they will be further contemplated below. At this point, modifications can be noticed in what regards determining both the form and substance conditions necessary for initiating the procedure, and the persons entitled to formulate a request in this sense.

Key-words : opening procedure, types of debtors , insolvency test, inability to pay, outstanding claims


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