Applicable Law

Professional debts
The law applicable to professional debts is Law 85/2014.
Please note that in Romania, the insolvency law is not divided according to the type of debtor, but according to the nature of the debt. Law 85/2014 applicable to professional debts therefore applies to companies and individuals who have accumulated professional debts resulting from the operation of a business. However, in practice 99% of insolvency proceedings opened by application of Law 85/2014 involved companies.

The applicable law is Law 151/2015.

Implementation of the Directive (EU) 2019/1023 

The Directive was transposed by Law 216/2022 which amended Law 85/2014.

How Romania has implemented Directive (EU) 2019/1023 (as part of the Joint Project between INSOL Europe and LexisPSL on the implementation analysis of the Directive (EU) 2019/1023 in the EU Member States - as at 07/07/2022)

We are grateful to Radu LOTREAN & Cristina IENCIU from CITR (INSOL Europe Country Coordinators) and Adrian CLOPOTARI for sharing this information.
Update: May 2023