Adoption and entry into force in 2014 of Law no. 85/2014 on insolvency prevention and insolvency procedures led to the modernization of insolvency legislation in Romania.The year 2020 has brought major global challenges, with the coronavirus pandemic causing unrest on all fronts, with significant effects on the global and national economy.Law no. 55/2020 aimed to provide some additional protection measures to companies in financia...

The evolution of the insolvency legislation in Romania has led to a privileged legal regime regarding creditors with current claims, they have rights and additional protection in order to recover the claims. The holders of this type of claims have priority over payment and do not enter into competition with the creditors with claims prior to the opening of the insolvency procedure, being able to request, under certain conditions, the opening o...