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Zidaru, Liviu Gheorghe --- "ROMANIA" [2019] ELECD 1217; in Kadner Graziano, Thomas; Bojars, Juris; Sajadova, Veronika (eds), "A Guide to Consumer Insolvency Proceedings in Europe" (Edward Elgar Publishing, 2019) 816

Book Title: A Guide to Consumer Insolvency Proceedings in Europe

Editor(s): Kadner Graziano, Thomas; Bojārs, Juris; Sajadova, Veronika

Publisher: Edward Elgar Publishing

Section: Chapter 26

Section Title: ROMANIA

Author(s): Zidaru, Liviu Gheorghe

Number of pages: 21

Abstract/Description:

The new so-called ‘Insolvency Code’, as it is known informally, adopted by Law No. 85/2014 on pre-insolvency and insolvency proceedings relates to ‘professionals’, which means persons who pursue an economic activity. Whereas the traditional insolvency procedure applies almost exclusively to legal persons, there have been several decisions also permitting the application of a simplified winding-up procedure to natural persons who have acted as traders. Although natural persons exercising a ‘liberal”’ profession subject to special authorization and state regulation, like lawyers, architects, accountants and so forth, are ‘professionals’ under the New Civil Code, the new Insolvency Code exempts them from the scope of insolvency proceedings, sticking to the traditional approach.