This paper is intended to be as a blueprint for the state of regulation on insolvency proceedings in Romania regarding the entities’ activities and the overall impact on the economic environment. From the highlighted statistical analysis regarding the number of insolvencies registered in Romania but also in the European countries, there are drawn comparative conclusions which are meant to highlight the strengths and especially the weaknesses that still exist in the legal system regarding the entities’ insolvency in Romania.
Although the reform of the insolvency in the legal system has been initiated since 2006, it is still in the process to harmonize with the European practices. One of the most recent areas constrained to harmonize and to reform is the administrative sector, the issue of creating the legal framework for the insolvency of the municipalities being discussed only in mid 2013.
The paper also aims to highlight the similarities and differences between insolvency procedure applicable to the enterprises since 2006 and the insolvency procedure recently applicable to the municipalities in Romania. Regardless of the specifics of each procedure but both groups have a common goal, those to purify the Romanian economic and administrative environment.
Copyright: © 2018 The Author(s)
Published by Human Resource Management Academic Research Society (www.hrmars.com)
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