It is a truism that, as a rule, economic crises (and not only) have a certain cyclicality, relatively easy to detect. Trying to capitalize on the “calm before the storm”, the European Legislator has focused on a difficult area during the previous crisis – insolvency. Applying the medical principle: it is easier to prevent than to combat, he focused in particular on the area just before insolvency, from a logical and chronological perspective, ...

The restructuring law (Law. no. 216/2022 for the transposition of the Directive (EU) 2019/1023 on restructuring and insolvency into the Romanian legal system) entered into force on July 17th, 2022. The new law amends Law no. 85/2014 regarding preventive insolvency proceedings and insolvency proceedings as following: (i) the new law revoke ad-hoc mandate proceeding and proposes a new proceeding – the restructuring agreement and (ii) modifies the...