THE COMPOSITION – A REHABILITATION PROCEEDING
Journal Title: Challenges of the knowledge society ( Provocari ale societatii cunoasterii ) - Year 2017, Vol 9, Issue 11
Abstract
As a consequence of the onset of financial crisis at national level, the number of the companies facing financial difficulties has risen significantly. The financial difficulties have turned into insurmountable obstacles for many companies, which gradually became insolvent. Taking into account the necessity of a judicial instrument that ought to support the companies in financial difficulty, the Law no. 381/2009 regarding the composition and the ad-hoc mandate was adopted. Subsequently, by adopting the Law no. 85/2014 regarding pre-isolvency procedures and insolvency procedures, the Law no. 381/2009 was repealed. The composition, as suggested by its very name, aims to prevent the transformation of the state of financial difficulty into insolvency, by setting an arrangement between the debtor and its creditors whose claims sum up to three quarters of the general body of creditors. The main purpose of this paper is performing an analysis of this legal instrument, taking into account the amendaments operated by the Law no. 85/2014. This analysis aims to present the preventive composition’s mechanism from an economic and legal point of view, as well as the measures regarding the identification, diagnosis and treatment of financial difficulties.
Authors and Affiliations
Corina Georgiana COSTEA
Keywords
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