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The Regime of Contracts under Execution within the Insolvency Procedure

Author

Listed:
  • Cornelia Lefter
  • Ana Maria Lupulescu

    (Academia de Studii Economice, Bucuresti)

Abstract

According to the Romanian law the debtor that faces financial difficulties of a certain extent can be the object of the insolvency procedure, regulated by Law no. 85/2006 concerning the insolvency procedure. Because the insolvent debtor is no longer trustworthy to its contractual partners and cannot execute the assumed obligations, there is a risk that these contracts cease, or the services that are incumbent on contractual parties are not executed. This is why, it is very important to know within the insolvency procedure and, especially during the judicial reorganization period, what will be the treatment of contracts concluded prior to the opening of this procedure and still not executed, the so-called ?contracts under execution?. Also, after clarifying the concept of contract under execution, it is important to establish who has the right to opt between their continuation, or their cancellation. On the other hand, there are presented the special rules provided by Law no. 85/2006 for some categories of contracts concluded prior to the opening of the insolvency procedure, such as: labor, lease, commission contracts, master of netting agreement or contracts concluded intuitu personae or by a debtor that is the owner of a leased building, etc.

Suggested Citation

  • Cornelia Lefter & Ana Maria Lupulescu, 2008. "The Regime of Contracts under Execution within the Insolvency Procedure," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 1(1(518)), pages 45-50, January.
    • Handle: RePEc:agr:journl:v:1(518):y:2008:i:1(518):p:45-50
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