THE EUROPEAN UNION DIRECTIVE PROPOSAL ON RESTRUCTURING AND SECOND CHANCE: A CHECK OF COMPLIANCE BY ROMANIAN LAW
Journal Title: Challenges of the knowledge society ( Provocari ale societatii cunoasterii ) - Year 2018, Vol 10, Issue 12
Abstract
The European Commission is highly active in the field of insolvency, by making big steps towards reforming the concept of insolvency, beginning with the Recast of the European Insolvency Regulation, which has entered into force on 26th of June 2017, with small exceptions. On 22nd November 2016, the European Commission presented the Proposal for a Directive on restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures and amending Directive 2012/30/UE. The Proposal itself aims at reforming the concept of insolvency by trying to build a new entrepreneurial culture, based on rescuing financially distressed yet viable debtors. The effects of the actual European culture regarding insolvency, which prioritizes liquidation, have been quantified in job losses, a high rate of non-performing loans and low percentage of creditors’ recovery rate. The Proposal invites Member States to put in place its provisions, by offering them a set of key principles and rules. The Proposal's general objective is to eliminate the barriers to the free flow of capital, but it also provides adjacent targets, which encourage cross-border investments and limit the rate of non-performing loans. This paper aims to analyze a check of compliance by Romanian law, in order to identify the way that our national law will need to be adapted to the Proposal's provisions.
Authors and Affiliations
Corina Georgiana COSTEA
Keywords
Related Articles
- EP ID EP301907
- DOI -
- Views 91
- Downloads 0
GOVERNANCE AND LEGITIMACY. PAST IN PRESENT
Governance and legitimacy were two issues that generated long-standing political disputes in Europe. If legitimacy was grounded on the theory of divine rights during the Middle Ages, the idea of representation challenged...
SPECIFIC ASPECTS OF THE OFFENSE OF LEAVING THE PLACE OF THE ACCIDENT
The legislator has adopted the respective texts of law to the new social realities once with the repeal of the criminal segment of GEO no. 195/2002 relating to the circulation on public roads, republished and the introdu...
COMMENTS ON THE OFFENSE SET FORTH UNDER ART. 13IN THE LAW NO. 78/2000
The law conditions the application of its provisions only to the arbitrary conduct of the head of a political party, union, employers’ association or some non-profit corporate bodies. Considering the contradictory judgme...
THE CONSTITUTIONAL PRINCIPLE OF EQUALITY
The equality in human rights and obligations, the equality of citizens before the law are fundamental categories of the theories on social democracy but also conditions of the lawful state, without which constitutional d...
THE SIZE AND THE IMPORTANCE OF THE EVIDENCE GOVERNED DURING THE PROSECUTION IN REM
The jurisdiction developed on the edge of the implementation of the provisions of Code of Criminal Procedure, relating to the verification of the legality of the referral to the court, the legality of the management of e...