IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this article

Particular Aspects On The Cross-Border Insolvency Procedure

Listed author(s):
  • Alexandrina ZAHARIA


    ("Danubius" University of Galati)

Registered author(s):

    The insolvency procedure is a collective procedure that takes into account the rights of all the creditors at the same time and takes place under the control and supervision of justice. The regulation concerning the insolvency procedures applies to the procedures determined by the debtor’s insolvency in which his total or partial discontinuance in the specific activity takes place and in which a liquidator is assigned. This community act does not apply to the insolvency procedures of insurance companies that provide services involving possession of funds or securities of third parties and collective investment organs. The titular of the request opening this procedure can be any creditor that has a certain liquid receivable that corresponds to the threshold established by law in the member state in which the judicial instance in referred to. The international competence of opening an insolvency procedure belongs to the state in which “the center of the debtor’s main interests is located” and the applicable law of the procedure is the member state’s law in which the procedure was open. In Romania, the law in this context is Law no.85/2006 on insolvency procedure, modified. In solving the possible competence conflicts that can appear related to the opening of the main procedure, “the center of the debtor’s main interests” criteria is used, as defined in the Statute. It regulates the opening of a single main procedure and several secondary procedures the latter on the condition that the debtor’s headquarter is located in the member state in which the opening of the secondary procedure is requested. Any decision of opening an insolvency procedure issued by a competent instance in a member state is recognized in all the other member states, as soon as it produces its effects (except the cases expressly mentioned in the community act, that has to be strictly interpreted and applied), even if the decision is final or not

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL:
    Download Restriction: no

    Article provided by Danubius University of Galati in its journal Euroeconomica.

    Volume (Year): (2009)
    Issue (Month): 2(23) (december)
    Pages: 58-64

    in new window

    Handle: RePEc:dug:journl:y:2009:i:2:p:58-64
    Contact details of provider: Web page:

    More information through EDIRC

    No references listed on IDEAS
    You can help add them by filling out this form.

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:dug:journl:y:2009:i:2:p:58-64. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Florian Nuta)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.