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The rights of creditors and the purpose of insolvency proceedings in Romanian law

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  • Luminita TULEASCA

    () (Faculty of Law, Romanian-American University)

Abstract

The insolvency approach and the protection of the creditors’ rights are regulated in all the national laws and the general policies promoted in this matter are in accordance with the international trends. In all the cases, the insolvency is “treated” by means of a special procedure, the main differences consisting in the purpose targeted by this procedure, by the means used for reaching the purpose and by the main features of the procedure. Undoubtedly, the rights of the creditors are protected and achieved as far as the insolvency law contains objectives suitable to their interests. By this paper we intend to determine whether the purpose of the insolvency procedure is only the one of accomplishing the rights of the creditors of the „bankrupted” entrepreneur, by the collective and equalitarian payment of the same, or, if the case, of a secondary and implicit purpose of the insolvency procedure: financial recovery of the debtor’s activity.

Suggested Citation

  • Luminita TULEASCA, 2012. "The rights of creditors and the purpose of insolvency proceedings in Romanian law," EuroEconomica, Danubius University of Galati, issue 1(31), pages 49-56, February.
  • Handle: RePEc:dug:journl:y:2012:i:1:p:49-56
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    File URL: http://journals.univ-danubius.ro/index.php/euroeconomica/article/view/1217/1069
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    References listed on IDEAS

    as
    1. Riana Iren Radu, 2011. "Proactive Mentality for Business Development in Romania," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 5(5(558)(su), pages 850-855, July.
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    Keywords

    bankruptcy; debts payment; financial recovery;

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