THE ROMANIAN OFFICIAL GAZETTE, FIRST PART, NO. 466 OF THE 25TH OF JUNE 2014 HAS PUBLISHED LAW NO.85/2014 CONCERNING THE PROCEDURES TO PREVENT INSOLVENCY AND THE INSOLVENCY PROCEDURES.

The new insolvency law applies to insolvency professionals, excepting those possessing liberal professions, as well as those which require special dispositions regarding the insolvency regime. The procedure also applies to the autonomous regulations.

The law brings together in a single normative act:

  • the general legislation on insolvency, applicable to all economic operators;
  • the special legislation, incidental towards credit institutions and insurance/ reinsurance societies;
  • the regulating of the insolvency in company groups;
  • regulating cross-border insolvency.


The processes initiated before the entry into force of the present Law remain applicable to the law valid before the date in cause.

Among the novelties brought by the legislation on insolvency common procedure, we mention:

  • for submitting an application for opening an insolvency proceeding, a threshold value is also introduced for the debtor, the same as that for the lender, in value of 40,000 RON;
  • the reorganization plan of an insolvent company will be over an extension of three years, as opposed to one year, the duration previously provided by the Government’s Emergency Ordinance no. 91/2013, declared unconstitutional. Also, it is stated that its prolonging will be realized over one year;
  • at the approval of the reorganization plan by the creditors, the condition of at least 30% of the total value of money credited for the acceptance of the plan is included.


Published in The Romanian Official Gazette, First Part, no. 466 of the 25th of June 2014
Issuer: Romanian Parliament