According to law no. 151/2015 there are three insolvency procedures:
LAW NO. 151/2015 PROVIDES THE INSOLVENCY PROCEDURE OF A PHYSICAL PERSON, INTRODUCING A COLLECTIVE PROCEDURE FOR THE RECOVERY OF THE FINANCIAL SITUATION OF THE DEBTOR PHYSICAL PERSON, IN GOOD FAITH, FOR THE RECOVERY OF ITS LIABILITIES AND FOR THE DISCHARGE OF ITS DEBTS.
- the insolvency procedure in accordance with a debt reimbursement plan;
- the judicial insolvency procedure through the liquidation of the assets;
- the simplified insolvency procedure.
- he has his domicile, his residence or his regular residence of the previous six months mentioned at the filling of the application, in Romania;
- he or she is not found in insolvency and a reasonable possibility of being able to execute the obligations during a maximum period of 12 months does not exist, maintaining a normal life level for himself or for the persons found under his or her care;
- the total quantum of his obligations is at least equal to the limit of 15 minimum economy salaries.
- to the debtors who have benefit from this procedure, concluded due to their fault at least five years before the introduction of the insolvency demand;
- to the debtors definitively condemned for an fiscal evasion infraction, of a false infraction or for an infraction intended against the patrimony by the confidence discredit;
- to the debtors licensed during the last two years due to attributable reasons;
- to the debtors who have not disposed a reasonable diligence in order to find a job where they have refused a proposed job in a non-justified manner;
- to the debtors who know their insolvency and they acquire new debts;
- to the debtors who have determined or who have facilitated the insolvency intentionally or by severe guilt;
- to the debtors who already have another insolvency procedure opened and ongoing.
Published in the Official Romanian Journal no. 464 of the 26h of June 2015
The act has entered into force on the 29th of June 2015
Publisher: The Romanian Parliament