Directors are the pillars of corporate governance, being responsible for managing the company’s affairs with loyalty, diligence, and care, in the collective interest of shareholders. At the same time, transparency and adherence to best practices are essential for fostering trust and avoiding conflicts of interest. Regarding the shareholders, there is no corporate interest they are required to follow; however, conflicts of interest in voting a...

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...

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, ...