Regulation no. 151/2015 on insolvency proceedings of individuals will come into force on 26th of December 2015. Taking this into consideration, the article contains a brief review of the most important matters of a regulation that should have come into force a long time ago in the national system of laws.First of all, the regulation can be „improved”, because there are strong reasons to believe that, with this contents, the regulat...

The European Commission has issued a series of recommendations on insolvency, outlining the guidelines that Member States should follow in their national legislation. In terms of individuals, the recommendations refers mainly to the harmonization of the debts discharge period, which should not exceed 3 years.By providing the benefit of debts discharge, the debtors are granted with a fresh start. Recently, Romania has adopted an in...