APPLICATION OF THE LAW ON INSOLVENCY OF INDIVIDUALS WILL HAVE A NEW EXTENSION PERIOD, WITH AN EXTENSION OF THE PERIOD OF ENTRY INTO FORCE WITH 5 MONTHS FROM 1ST OF AUGUST 2017 TO 1ST OF JANUARY 2018, IN ACCORDANCE WITH THE ORDINANCE ADOPTED BY THE GOVERNMENT.

The decision was taken by the Executive in view of the complexity of the area governed by this law, as well as the view of the Supreme Council of Magistracy, which points out the need for rigorous preparation of the Administrative capacity of the courts requested to apply insolvency proceedings to natural persons. Also in the SCM’s document it is mentioned that the recently adopted legislation on payment (“dare în plată”) offers alternative solutions for assumptions whose contractual imbalances have led to the loss of usefulness of the contract for one of the parties.
Consequently, the extension of the time limit for the application of the Law on the insolvency of natural persons is intended to ensure the necessary time to prepare the responsible staff.